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How Brexit will affect business in the UK

by Approved Business Communications

How Brexit will affect business in the UK

Hard or soft Brexit? Trade or no trade? Here’s how the fate of the UK is going to affect the working population.

In a time where it has never been more important to have immigrants, the UK is undergoing its process of leaving the EU. Theresa May has already scheduled the move for Spring 2019, it is going to stump the nation.

As a member of the EU, the UK is already forced to grant entry to all EU citizens without a valid visa. Commonly known as the single market, the EU allows the free movement of labor, capital, land, and enterprise anywhere in the Union. In the last 10-20 years, the single market has provided a huge influx of migrant workers to the UK, filling up many lower-paid jobs.

So, what happens next?

Our commonplace industries, such as healthcare, construction and retail, are all going to be affected quite heavily. The NHS employs over 1.5 million workers, and more than 10% of these are non-British. Come the next generation, we may not be able to replace these workers once they have retired.

It isn’t really an issue of finding the best workers for UK businesses. It is the struggle of being able to hire enough people in jobs where most British citizens would stride away from, including cleaners and warehouse workers. It isn’t rare for illegal payments to take place in these industries too, as EU workers could not be aware of UK regulations and employment rights.

As for UK firms, Brexit means WTO (World Trade Organization) trade rules, which could mean quicker negotiation periods and fairer policies. Brexit also meant a weaker pound has persisted, imports have therefore become more expensive for UK business and consumers. However, the reversal of this means that UK business becomes more competitive globally, as exports are comparatively cheaper. This may be a great online loophole for SMEs who are looking to expand sales through another route.

As a worker or business, it is important to keep up to date with rights. Employment could get harder and trading places are going to fluctuate heavier than we normally expect. Therefore, being aware of the market and its constant changes becomes essential for businesses that wish to be successful.

Keep your eyes open!

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