The UK’s Private Sector Considering a Softer Approach to Brexit, as Teresa May Struggles to Manifest the Hard Brexit Vision

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Many of the businesses based in the UK are reconsidering the hard brexit approach, which is supposed to provide a shielding from various economical infirmities in Europe. At present, all the signs suggest that business executives prefer retaining the membership of European customs union and continue to be a part of the single market. A new survey conducted by Harvard Kennedy School reveals that the central focus in on reaching good trade relationship with the EU. So far, Teresa May has failed to create a convincing outline of the new business and trading environment post Brexit, keeping British companies on their toes. This has also been a major reason behind the low and constrained confidence in the nation’s private sector. Meanwhile, political uncertainties continue to disrupt the business planes both long-term and short- term in the country. Which is why businesses are now becoming more vocal and willing to revisit the issue of the type of Brexit approach, which will be in the best interest of the nation in terms of economic growth and stability.

Reportedly, most small businesses in the UK are supporting the single market membership and ease up of trade with the EU nations. These businesses account for a healthy percentage of the country’s goods and services exports. Also, they are more or less comfortable with the current EU standards and regulations. In contrast to several political and media opinions, a considerable percentage of businesses were quite content with current regulatory rules in their respective sectors. British companies are keen on objectifying the benefits of brexit rather to keep assuming possible farfetched opportunities in the future. Moreover, most of the companies are fully aware that uncalled disruptions can have a major impact on British jobs, economic growth and investments. Now that Mrs May lost her overall majority in the British parliament a large number of company chiefs are concerned about potential political instability that can hamper their businesses to severe extent.

A large group of companies believe such political uncertainties are likely to have significant implications on both the economy and their business. Despite such gloomy predictions, some business leaders are quite optimistic about the country’s economic progression over the next couple of months, but the majority continue to fear the worst. As per online sources, most believe that it is crucial to land a transitional deal with the EU as well as to prioritize a trade deal agreement with the EU.

About Sudip Saha 7 Articles
Sudip Saha is one of the leading tech consultants in APAC, having served at key positions in leading IT consulting firms. He has extensively written about the commercial viability and impact of next-generation technologies, most notably AI, IoT, and Big Data. Sudip’s forte lies in offering a nuanced analysis on the key developments in the tech landscape. A reputed thought-leader, his views have been published in leading publications, including CIO, ZD Net, Economic Times, and The Economist

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