27 Jun Planning Ahead of Brexit
As part of the BFPG’s ongoing National Engagement Programme, on Friday 13th July we supported Milton Keynes Chamber of Commerce’s event ‘Planning Ahead of Brexit’. The event looked at local business concerns around Brexit and how they should best prepare for an exit from the EU and linking this with the broader trade opportunities and wider foreign policy issues in the post-Brexit world.
The panel covered a wide array of topics around UK businesses, trade, and policy. These being the recently published white paper on the United Kingdom’s exit from and new partnership with the European Union as well as practical elements that UK businesses should look at to cope with key challenges in the post Brexit era.
The event brought together a wealth of expertise from key industry experts, such as Anastassia Beliakova – Head of Trade, The British Chambers of Commerce, Florence Burey-Abraham, Compliance Manager, AFL Hyperscale (Manufacturer and EU exporter of network infrastructure products), Giles Mullins, Partner, Grant Thornton UK LLP Milton Keynes, and Iain Stewart MP, Milton Keynes South. Milton Keynes, serves as a hub for major international legal, and financial services. The latest Milton Keynes Chamber of Commerce’s Quarterly Economic Survey revealed that 47% of businesses expect an improvement in turnover in 2018 compared with just 15% of businesses in 2017. In addition, 70% of businesses also reported that their capital investment plans are not set to change – a notably significant high compared to the national average.
The general consensus amongst panellists was that Brexit can potentially serve as a catalyst for technological innovation in UK businesses which in turn can increase productivity post Brexit, but there are major risks also. From the perspective of Milton Keynes, there is a strong need to connect major UK cities and businesses with key global trading partners to develop holistic solutions to the challenges that Brexit presents for British businesses. In turn, this would help to build trust between the UK and the wider business world, post Brexit. Brexit presents the UK an opportunity to celebrate its global brands such as its higher education institutions, which could help attract talented students from across the world to the UK. Solutions to trade issues that the UK may face post Brexit can be developed via a fusion eco-system that would allow the UK to be at its best internationally.