How does Brexit affect your business?

With the historic Brexit agreement now delivered, attention turns to how businesses will respond to change. Whatever happens over the coming months, there is an essential need to understand how Brexit will affect your business.

What industries are affected by Brexit?

Every industry is affected by Brexit due to the potential economic impacts (reduced investment and recession) and manpower issues (migrated workforces and skilled worker shortages). Some industries will be impacted more than others such as financial services but it is those that trade internationally that will see the greatest change. Businesses with continental European suppliers or customers will be impacted, while trade with non-EU countries will be affected by losing access to the EU's current free trade arrangements and any customs blockages. What key issues does Brexit cause for businesses? How Brexit affects business will be different across the board. Every organisation faces different challenges when it comes to the UK leaving the EU, but there are some key challenges that we all need to address. Our experts have compiled Brexit Bitesize guides to support businesses through this uncertain time.

• Supply chain - Brexit brings a real risk of increased costs and delay to supply chains. We outline the 11 actions to reduce the impact of cost hikes and delays - and answer the most common Brexit supply chain questions. Our essential 'international supply of goods' checklist also offers practical guidance on reassessing your supply chain and creating effective international supply of goods contracts. Download a copy of this step-by-step guide and checklist to identify the key issues for your business and how using the revised Incoterms 2020 contract terms can help
Customs/border tariffs - It's crucial for importers and exporters to understand the potential customs implications for their businesses.
• Workforce - While much of British employment law derives from Europe, some areas are purely UK provisions. We address some of the initial issues businesses need to consider.
• Regulation - The impact of Brexit on regulation is potentially enormous. In many areas, the UK largely works to European-wide standards and it is likely that UK regulation will continue to comply with those standards (but with no ability to shape the policy behind them). We consider the potential scenarios in the transition period. We recently issued a whitepaper providing an Introduction to the Withdrawal Agreement which goes into more detail.
• Economic issues - All parts of the economy, and every sector in which the UK operates, are likely to experience the effects of Brexit. We look at some frequently asked questions regarding Brexit and the economy.
• Intellectual Property (IP) - Leaving the EU will mean changes to IP law in the UK, so businesses need to know how they will be affected. See our articles explaining the key things you need to know in respect of patents, trademarks, designs, trade secrets and copyright.

What opportunities might leaving the EU offer to UK businesses? Brexit is frequently seen as a risk yet it will bring new opportunities for those that wish to capitalise on them. The volatility of currency will favour some businesses and new trading relationships will need to be explored.

What are the legal implications of Brexit?

As the UK breaks away from the EU, there will be the challenge of untangling its regulatory framework for government and parliament. Brexit affects businesses immediately by changing how the law is approached. The process will include transforming applicable EU law into UK law and courts will need to consider whether they use decisions previously made in the European Court of Justice as points of reference. The changes to the UK's legal framework will cause headaches for organisations as they attempt to navigate how the changes affect their operations including their contracts and employees. It is vital that decision makers have access to expertise in the applicable areas to ensure that they are managing risks appropriately and are aware of any potential opportunities.