Will Brexit affect my job in construction?
Goodbye Europe - How Brexit will affect the economy
All other options would get really expensive. If free trade falls, exports of 38 billion euros are at risk, according to the credit insurer Euler Hermes. Customs restrictions would make trade drastically difficult and lead to longer delivery times. If, in extreme cases, different approval procedures are still used, companies would be forced to manufacture two different product variants - for the EU and for Great Britain.
According to the Hermes study, Brexit would hit the automotive industry and its suppliers most severely. After all, 810,000 cars were exported to the island last year. German automotive groups and their suppliers are represented in Great Britain with 100 locations.
The German key industry of mechanical engineering also views one of its most important export markets with mixed feelings. In 2015, the companies delivered a total of 7.2 billion euros to the kingdom. A lack of planning security with regard to possible increases in export prices is already influencing investments and the hiring of personnel. German companies with offices in the UK could be forced to apply for work permits and visas for their employees. This is associated with considerable bureaucratic effort.
The management consultancy Ebner Stolz has dealt in particular with the legal effects of Brexit. Your lawyer and tax advisor Sten Günsel dared to analyze it in a television interview: “Even if Brexit lasts two years, there is a need for short-term action from the time you leave the country because the pound is losing value. In the medium term, there is pressure for companies to check their location. Anyone who produces from Great Britain for the EU market has to act. "
What should be done now? The EU referendum also affects company processes and accounting and brings with it challenges in taxes and human resource management. Software manufacturer Abas recommends medium-sized companies that have customers, suppliers or locations in Great Britain to adapt their company guidelines and their software. As Brexit may restrict access to the EU internal market, it is advisable to take further precautionary measures. Taking into account possible legal and market-related restrictions, the current product mix must be checked for future viability. It is also time to put your own processes to the test as a whole, to make processes leaner and to make production more efficient. Business processes at locations in Germany and abroad should already be harmonized.
Nobody needs to be nervous, but you should be prepared. Just following the British motto "wait and see and drink tea" is not a strategy.
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