UK businesses are seeking government intervention to ease Brexit-induced trade challenges.
- A survey indicates increasing confidence among businesses, yet highlights regulatory concerns.
- Nearly a third of businesses are specifically focused on reducing customs and trade complexities.
- Improved mutual recognition of standards between the UK and Europe is becoming a key demand.
- There is a significant call for government aid in accessing international markets and talent.
A recent survey reveals that a significant number of UK businesses are advocating for governmental action to mitigate the complications arising from Brexit-related trade regulations. The survey, conducted by a prominent financial institution, highlights a dual sentiment among businesses: optimism for future growth coupled with an urgent need for regulatory reform.
Nearly three-quarters of surveyed businesses expressed confidence in their growth prospects over the next three years, with a notable increase in those feeling ‘very confident.’ However, this optimism is tempered by the challenges they face due to the intricate new trading rules necessitated by the UK’s exit from the European Union.
One-third of businesses have pinpointed the complexity of these post-Brexit regulations as a major hurdle, particularly the red tape surrounding customs procedures and trading licenses. These requirements have introduced significant delays and costs, impacting the ability to export goods effectively. Compounding the issue is the postponed implementation of parts of the Windsor Framework, adding to the uncertainty.
Furthermore, businesses are advocating for the enhancement of mutual recognition of professional standards and qualifications between the UK and Europe. Such improvements would streamline cross-border mobility for professionals and foster greater business collaboration. Despite provisions for Mutual Recognition Agreements (MRAs) in the EU-UK Trade and Cooperation Agreement, progress remains slow.
Currently, the UK has established MRAs with countries outside the EU, such as New Zealand, but businesses emphasize the need for similar arrangements with European countries to strengthen trade ties. This need is echoed in the emerging political agendas, signaling possible future priorities for the government.
In addition to regulatory concerns, a quarter of the businesses are actively seeking government support in establishing international client bases and partnerships. The survey also highlights recruitment as a notable challenge, with a demand for enhanced assistance in sourcing skilled talent within the UK. These issues underline the broader pressures faced by companies striving to navigate the evolving post-Brexit environment.
The call from businesses for reduced red tape and increased governmental support underscores a pivotal moment in adapting to the post-Brexit economic landscape.
