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How Can Businesses Prepare For Brexit?

Theo Leonard at the Department for Exiting the European Union (DExEU) says, "In discussions with businesses access to talent is the issue raised most consistently .We have received a very clear message from businesses that being able to access talent and attract skilled staff is a real concern. A very specific part of the early negotiations will focus on workforce issues, such as the future status of EU citizens already working here.”

DExEU listed other concerns regarding Brexit:

  • What transitional arrangements might exist after the UK exits the EU, and how long they would be in place for;
  • How the current passporting system, which enables EU insurers to trade freely in any other member state, will be affected;
  • The dates at which key milestones in the negotiations are likely to be reached;
  • Lack of clarity over when key issues will be agreed is making it harder for them to prepare for the big operational decisions they may need to take.

What businesses can do to prepare for Brexit:

  • Businesses should ensure they have carried out a detailed Brexit impact analysis. Some firms, including multinationals, have not yet properly considered the potential impact on key aspects of their business, such as supply chains;
  • Businesses should be proactive in engaging with government and other influential organisations. To succeed in influencing Brexit negotiations, businesses will need to evidence how they will be affected. For example, details on the nationalities of the workforce and why it would be difficult to source the same skills from outside the EU, will aid discussions on the impact of changes in immigration policy.

 

 

 

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