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Brexit weekly news digest 21 January

The defeat of the Withdrawal Agreement in the Commons this week has brought more commentary from British businesses about their views on the possibility of a disorderly exit from the EU.

It is reported that more than 170 leading business owners have written a letter to the Times, showing support for a second referendum. 

But the chairman of Rocco Forte Hotels, a known supporter of the UK leaving the EU, says that not all businesses think it will be bad news  for the UK to leave on a no deal basis. 

The Chartered Institute of Personnel & Development (CIPD) have provided analysis of their surveys around the labour market  which they say shows in the period since June 2016, the combination of strong labour demand, low unemployment and a dramatic 95% fall in EU nationals joining the UK workforce has put significant pressure on recruitment. 

British manufacturers are being forced to build up financial buffers in preparation  for a no-deal Brexit as the cost of stockpiling goods and materials puts companies under strain.  

The IPA Bellwether survey, conducted by IHS Markit showed that 16.4 percent of marketing executives raised their budgets during the fourth quarter but the same percentage of executives who took part in the survey cut their marketing budgets. 

Britain’s biggest car maker Jaguar Land Rover  (JLR) urged lawmakers to rule out the possibility that the country leaves the European Union without a deal, to prevent companies from having to make costly contingency planning. 

There is also government grant funding that has been announced which can be used towards training for companies that complete customs declarations and a second grant for SMEs that are looking to invest in their  IT processes to help complete customs declarations more efficiently.  Grant details and application processes can be access  here  

Our GC Business Growth Hub partner, MoneyCorp, has provided a podcast from the ex-Lloyds Bank Chief Economist, Adam Chester:  https://register.gotowebinar.com/recording/5005518285572353025. Listen to hear Adam discussing potential outcomes resulting from the defeat of the Withdrawal Agreement.

 

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