Dean Seddon, founder of UK based business development and marketing company, is encouraging entrepreneurs to embrace the challenges of a No-Deal Brexit.
The Brexit process in the UK has been chaotic since the vote on 23rd June 2016. The result itself saw David Cameron resign, a general election and the government losing its majority. The UK Parliament is torn. As a result, the government has had a weak hand in negotiations with the trading bloc.
With recent political turmoil in the British cabinet, a spate of resignations and no majority in parliament, bookies believe the odds of a no-deal Brexit appear to be rising.
Dean Seddon states that, “the uncertainty in the UK surrounding Brexit is a massive risk to small businesses who are more vulnerable to economic shocks, but having said that, as SMEs we have to rise to the challenges, look to other markets and prepare for what may or may not come our way.”
The UK is due to leave the European Union on 29th March 2019, but as yet, no deal has been finalised. The government has produced a series of white papers to encourage the public and businesses to prepare for the consequences of a no-deal exit from the EU.
Whilst the UK has a substantial trade deficit with the EU, the UK still imports over £341 billion to goods and services. Brexiteers believe that this gives the EU an incentive to make a good deal with the UK. However, in a no-deal scenario, the cost of buying goods and services from the EU could rise.
Seddon believes that whilst a no-deal Brexit is bad for business, it does mean a percentage of business could be serviced domestically, which creates opportunities for some UK businesses.
“I think it is fairly clear that the negotiations have not proceeded as many had hoped, but there is an opportunity in this massive challenge that our country faces. If we are faced with competitive disadvantages in Europe, this will also be true in our domestic market. Many of the competitors for SMEs operating from Europe may have obstacles to serving UK based business. Opportunities will arise in our domestic market as a result of Brexit.
Whatever happens, good, bad or ugly, life will go on. Some will win and some will lose. My main point is that we can’t control the outcome, but we can look for opportunities even in a worst case scenario.
Nobody wants a painful Brexit, many would prefer it if Brexit was abandoned, eliminating the pain altogether. As business owners we can focus on: securing our position and competing for as much of the European goods and services which are imported into the UK, which may no longer be competitive to continue”.