The UK has left the EU, and for British exporters, that presents both opportunity and uncertainty. This guide looks at strategies for exports after Brexit.
While the new trade agreement places no tariffs or quotas on goods traded between the UK and EU from 1 January 2021, it may come with additional costs and bureaucracy as the UK is no longer part of the single market and customs union.
There’s potential for businesses to branch out to new markets outside of the EU, but that comes with a new set of rules and procedures to navigate now that the transition period has come to an end.
According to the Office for National Statistics (ONS), UK companies exported around £689 billion in goods and services in 2019 – a year-on-year increase of 5%.
The Government is keen to encourage more businesses to get involved, having set out its ambition in 2018 to increase exports as a share of GDP from 30% to 35%.
While most are still recovering from the impacts of COVID-19, a recent UK Finance survey found that 42% of SMEs are now focusing their plans on the future, rather than the immediate impact of the pandemic, and 19% feel there are opportunities out there for 2021 and beyond.
If you can see your business going international over the next few years, there are certain steps you need to take to prepare.
The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.