For firms in the North West, the impact of the EU split has been compounded, according to new study.
According to recent study, firms in the North West of the country benefit from ‘BRAND Britain’ when exporting overseas.
According to recent study conducted by financial adviser Grant Thornton UK LLP, more than 60% of mid-market businesses in the North West believe Brexit has strengthened the so-called “Brand Britain.” However, more than half of the businesses polled said the decision to leave the European Union had a negative impact on total trade.
And, after the transition period ended, 65 percent of the organizations stated they were well prepared for potential short-term effects of Brexit.
However, businesses have faced certain challenges as a result of Brexit.
Trade compliance, immigration and people movement, product labeling uncertainty, loss of talent, setting up new international businesses, and VAT compliance were among the most pressing concerns.
“While the research reveals that Brexit has boosted ‘Brand Britain’ for the mid-market, it may not be enough to counteract the negative impact the vote to leave the EU is having on worldwide growth aspirations,” said Pauls Wilson, partner at Grant Thornton in the North West.
“The majority of globally trading North West enterprises have fared well in the two quarters since the transition period ended, optimizing their supply chains and changing their procedures accordingly.”
“However, the rest of 2021 is far from certain,” he continued.
“The present EU-UK grace period is expected to expire in the autumn, which may provide a headache to certain businesses.
“On the plus side, as more nations implement COVID-19 vaccination programs, international travel is anticipated to increase.
“Following the recent agreement with Australia, a trade agreement with India is being considered.”
“With the climate emergency firmly back on the boardroom agenda ahead of COP26 in November, corporations will definitely be more cautious about the number of air miles they rack up, and our poll confirms this,” he stated.
“However, many cultures will insist on in-person meetings notwithstanding videoconferencing’ efficiency, cost, and carbon savings.
“Many of the region’s enterprises wishing to grow into other territories will be relieved to be able to restart face-to-face business development.”
Following the conclusion of the Brexit transition period at the end of last year, Britain officially severed ties with the European Union.
“Brinkwire Summary News” since the United Kingdom left the European Union.