With the UK’s volatile financial markets plunged into uncertainty, the Brexit fallout has well and truly begun.
The process of leaving the EU will take time, and there are undoubtedly many challenges ahead, with the City predicting further turbulence until the current situation is resolved.
It remains to be seen whether the UK will escape a Brexit recession, however investment has ground to a halt across many industry sectors. Furthermore, economists at Standard & Poor’s have issued a new warning about Britain’s decision to leave the EU, predicting a drag on UK GDP of 1.2% in 2017 and 1% in 2018. They also expect a 0.8% hit to GDP in the Eurozone over 2017 and 2018.
However, with more than 18 years’ experience of helping businesses prosper, Cognition knows only too well how resilient and adaptable UK industry is. For all its downsides, Brexit will bring clear rewards for UK businesses that are ready to grow and thrive. So, as the country's circumstances continue to change, we must all look to take advantage of the opportunities that this new and unprecedented era will bring.
Over the next two years there are strong growth prospects if you take the opportunity to build on existing relationships within Europe. As a result of the weakness of the pound and attractive exchange rates, your business stands to make serious gains if you export your product or service, as you will become even more commercially competitive in foreign markets. Further benefits could also be experienced thanks to a reduction in excessive bureaucratic red tape, as well as changes to the UK’s tax systems, making us even more competitive for international investment.
Against this backdrop it has never been more important for businesses like yours to have the tools and processes in place to demonstrate and communicate confidence and stability. At Cognition we can help give you a clear roadmap for both short and long-term success, reassuring your current customers, suppliers and attracting new business.