‘Brand Britain’ magnified after EU split for businesses in North West - new research
‘BRAND Britain' is advantageous for businesses in the North West of the country when selling overseas, according to new research.
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More than 60 percent of mid-market businesses in the North West have claimed that Brexit has made the so-called ‘Brand Britain’ stronger, in new research carried out by financial adviser Grant Thornton UK LLP. However, more than 50 percent of the businesses that took part in the study claimed that the decision to leave the European Union has had a negative impact on trading overall.
And, 65 percent of the organisations said that they were well prepared for any short-term effect of Brexit after the end of the transition period.
But Brexit also caused some difficulties for the companies.
The main issues included trade compliance, immigration and people mobility, uncertainty over product labelling, loss of talent, setting up new overseas operations and VAT compliance.
Pauls Wilson, partner at Grant Thornton in the North West, said: “While the research finds that Brexit has strengthened ‘Brand Britain’ for the mid-market, it may not be enough to outweigh the negative impact the decision to leave the EU is having on international growth aspirations.
“The majority of globally-trading North West businesses have weathered these last two quarters following the end of the transition period well; optimising their supply chains and adjusting their processes accordingly.”
He added: “But the remainder of 2021 is far from certain.
“The current grace period between the EU and UK is set to expire in the autumn and may challenge some businesses.
“On the positive side, however, international travel is likely to pick up as more countries roll out COVID-19 vaccination programmes.
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“A trade deal with India is also mooted to follow the recent agreement with Australia.”
He continued: “With the climate emergency now squarely back atop the boardroom agenda ahead of COP26 in November, businesses will clearly be more circumspect about the volume of air miles they rack up and our survey reflects this.
“However, despite the efficiency, cost and carbon saving afforded by videoconferencing, many cultures will still insist on in-person meetings.
“The ability to resume face-to-face business development will be a relief to many of the region’s businesses looking to expand into new territories.”
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Britain officially cut ties with the European Union at end of last year following the conclusion of the Brexit transition period.
Since leaving the European Union, the UK is seeking to form new trading alliances with countries across the globe.