Brexit

What would British Businesses be like after Brexit?

It’s been the topic of conversation for the best part of 3 months and now the voting is all done. The decision has been announced. Initially, lots of assumptions have been made via various media channels, social media sites and opinions in general. Here is an interesting report by Phillip Inman from the Guardian on Employment. 

“Those likely to be most affected by leaving the EU would be in the service sectors that trade with the EU and sectors that benefit from the free movement of labour,” says Angus Armstrong, director of macroeconomics at the National Institute of Economic and Social Research. That means financial services, tourism and car manufacturing would be major losers.

Businesses relying heavily on migrants could switch to employing UK nationals should the Leave campaign opt for a points-based system to limit immigration.

That means more UK nationals in London coffee houses and picking carrots in Lincolnshire – but only if wages increase. It is a shot in the dark as to whether consumers will pay more for goods or whether farmers and cafe owners will be priced out of business.

Whatever the outcome, Brexit would prompt a seismic shift after 12 years during which poorer EU nationals have come to the UK in large numbers, either with skills UK nationals have not acquired or lower wage expectations.”

For the full article https://www.theguardian.com/business/2016/jun/18/british-business-after-brexit