Positives and Negatives of Brexit Katie, Michaela, Lucinda

POSITIVES OF BREXIT - Laws were already put in place before the EU Regulations, so a lot of them will not be changed. Much of the employment protection which flows from Europe reflects accepted standards of good employee relations practices. So the UK will unlikely change these rules as they can almost be considered fundamental rights.

UK will be more in dependent, will not have to rely on the EU. UK implement the EU regulations very thoroughly, whereas other countries don't. So UK business lose competitive advantage.

Most small businesses get from local retailer banks which means Brexit would not make a difference in them in terms of availability in finances.

If Brexit increases the cost and complexity of buying and selling in the EU, it could cause a shift in the economy towards home grown goods, particularly in consumer markets, such as, food and drink.

NEGATIVES OF BREXIT - "In 2014, there were about 3 million people living in the UK, who were citizens of another EU country. 80% of them were in work but their employment status post Brexit remain unclear. It is possible that many will have to leave, unless work permits can be attained in accordance with post Brexit legislation."

EU funding will no longer be available for small businesses.

Mark Carney, governor of the Bank Of England, claimed that Brexit could lower the value of pound, stoke inflation and increase unemployment.

Even if your company does not do business with EU countries, there is a high chance that you have suppliers or partners who do, so any effects on them will also have knock on effect on your business.

Brexit has given rise to a number of reported incidents of racial harassment in certain communities and many EU nationals have reported being made to feel unwelcome and vulnerable. It's possible that employers will receive more grievances and claims based on incidents within the workplace.

There are reports of businesses losing contracts and as a result of the uncertainty over the future and of redundancies as a result. Some businesses have already started relocating their staff from the UK to other EU Jurisdictions

The EU is currently the UK'S biggest trading market, mean that potential impact on sales could be sizeable.

Article 50 - Is a plan for any country that wishes to exit the EU. It was created as part of the treaty of Lisbon - An agreement signed up to buy all EU states which became law in 2009. The process is suppose to take 2 years, meaning that Britain should officially leave the EU no later than April 2019.

The potential timeline of events: 29th March 2017 - UK triggers article 50, 29th April 2017 - EU summit of the 27 leaders negotiate with the UK, May 2017 - European commission published negotiating guidelines, May/June 2017 - Negotiations begin, Autumn 2017 - UK introduce legislation to leave the EU and put all existing EU laws into British laws, October 2018 - Aim to complete negotiations, October 2018 - March 2019 - House of Parliament, European Council and European Parliament vote on any deal, March 2019 - UK formally withdraws from the EU.

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Created with images by Ben_Kerckx - "man carnival people"

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