EU Transition: Are Businesses Really Ready?
The UK has left the EU and the transition period has ended meaning new rules are in place for all businesses based in the UK.
A ‘no deal Brexit’ was avoided, and a new Trade and Competitiveness Agreement (TCA) is now in place to give a degree of certainty to the UK’s future relationship with the EU. But the question remains; How prepared are UK businesses to operate under the new rules?
With COVID still the most pressing issue for many businesses, devoting time and resource to fully understand the changes across all areas of the TCA is a real challenge.
Several surveys have recently tried to ascertain the readiness of UK businesses and, at best, they suggest that 50-60% feel prepared for trading post-transition. However, none really determine whether the level of understanding is ‘enough to carry on’ or whether UK businesses truly know enough to be totally compliant in all areas.
In the TCA, there are detailed implications that apply only to specific industry sectors, but any business of any size could be impacted by the new rules. For the average SME that has any level of trade with the EU, the implications are wide ranging and include:
- Import/export to the EU and beyond
- Workforce recruitment
- Supply chain
- Data Protection and storage
- Regulation and Compliance
- Intellectual Property
The question remains, do businesses know everything they need to know, or is it more a case of “they don’t know what they don’t know”?
Whilst there is information and support widely available, the range of issues is so varied that it is difficult for businesses to find one place or indeed one person that can help with them all.
That said, we have a dedicated team of EU Transition Advisers, set up to help SMEs with their questions and concerns about operating under the new rules.
It would be wrong to say that the advisers have all the answers, but they could well save you time by using their extensive networks and resources to answer your EU transition questions. Alternatively, you may just want to talk to someone, to find out what you need to know and where to start…
Click here to Register to gain immediate access to our online Marketplace where you will find our 'EU Transition Readiness Support' listing and can contact the team.