Overwhelmed with British politics? We don’t blame you!
The past couple of months have been heavily political, seeing the Conservative party take power in the December general election, with 13,966,451 votes, and Boris Johnson stepping up as Prime Minister.
What does this mean for the UK?
Johnson’s famous ‘oven-ready’ Brexit withdrawal agreement has been approved by the EU. The UK will now experience an 11-month transition period before its exit, giving businesses plenty of time to prepare for change.
The Conservative party strives to take control over the UK independently, ruling out any support for the EU.
They believe this future relationship will be one that allows us to:
- Take back control of our laws
- Take back control of our money
- Control our own trade policy
- Introduce an Australian-style points-based immigration system
- Raise standards in areas like workers’ rights, animal welfare, agriculture, and the environment
- Ensure we are in full control of our fishing waters
What is going to change in the UK market?
This year a new trade agreement will be negotiated with the EU, which is claimed to strengthen the country, ensure high working standards, environmental protection and consumer rights.
The conservatives state the new trade deal will be completed and implemented by December 2020. Only time will tell whether they live up to their promise.
With the trade agreement still under works, there is still a lot of uncertainty regarding the state of the UK market and how it will affect small businesses.
However, Boris Johnson has presented a list of guarantees which we WILL receive once Brexit is done.
Guarantees affecting the market are:
- Reaching Net-Zero by 2050 with investment in clean energy solutions and green infrastructure to reduce carbon emissions and pollution
- We will not raise the rate of income tax, VAT or National Insurance
As predicted, the spike in Global Warming activism and environmental solutions has introduced new companies and products to the market, such as Tesla, attempting to fight this crisis first hand. The renewable energy industry is predicted to be worth over $2 billion by 2025, so the number of tech startups can be expected to penetrate the UK and global market in 2020.
The fact the British Government is supporting this movement I’m sure will be extremely popular among the UK population and respected globally. Furthermore, the rate of income tax, VAT and National Insurance not being raised means the majority of your hard-earned money is going to remain in your pocket.
What are the Brexit trade deal predictions?
Many individuals and news organizations have made predictions about what the new trade agreement is going to look like.
For instance, the Financial Times predicts the deal will be a minimal free trade agreement that will only be partially complete, leaving many other details to be added over time.
They say “It will serve Mr. Johnson’s overriding political purpose: to look like a Prime Minister who gets things done.” – Financial Times
Furthermore, in an article written for the BBC by Peter Barnes, a future trade deal should be easily negotiated. Despite this, negotiations could be made difficult as the UK is adamant to be free from the EU regulations so they can trade internationally, but this would mean a set of completely new regulations that would have to be created.
How will this affect small businesses and the UK market?
Going on the solid facts, predictions and what has been guaranteed by Boris, change is not going to suddenly appear, even if the withdrawal agreement is accepted by the EU.
This is certainly good for Britain’s small businesses and will give them time to organize and prepare, for the new trade deal to be formed, and the UK market to adapt.
What can you do NOW?
Preparing for Brexit is probably easier than you expected.
Visiting the Government website and page titled ‘Prepare your business or organization for Brexit’, allows you to answer a series of questions to find out what’s changing in your industry and information on specific rules and regulations.
Additionally, keeping up to date with Brexit and market-related news is another effective way to stay up to date and not encounter any unexpected changes.
What has marketing got to do with Brexit and the UK market?
If the UK market changes, your marketing strategy must change too.
For instance, your target audience and demographic may change, creating the possibility of new ads, social media content and SEO adjustments being implemented.
This can be a lot of additional work that you don’t have enough time to complete, so reaching out to a Digital Marketing Agency may be necessary.
This post was submitted by The Good Marketer, a Marketing Agency in London which drives more traffic, generates conversions and increases sales for Small-To-Medium Sized Businesses.