Brexit: an opportunity or a disaster? Currently on 31 October 2019, the UK will leave the EU.
Leaving the EU will affect some of your existing contracts. It may affect future contracts you plan to sign. In preparation, you should be thinking about the following points.
- Consider the financial implications for your business if some form of trade deal with the EU is not agreed, as well as the implications of the outcome of trade deals with non-EU countries.
- Commercial agreements being negotiated should be reviewed in the context of tariffs for the import and export of goods to and from the EU which could apply after Brexit.
The financial impact of trade arrangements with countries outside the EU, with which the UK will need to renegotiate tariff rates, will also need to be addressed.
Supply and labour costs may increase and you will need to decide how to cope with the additional costs. Can they be passed to the customer?
The issues arising from increased supply costs will very likely have a greater impact on businesses which source their materials from outside the UK and products in other EU countries.
To discuss these issues and for concise legal advice, please contact Stephen Sidkin.
Other notes in this series are:
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