BREXIT AND ITS EFFECT ON U.K. BUSINESS
It has almost been a year since the historic referendum on June 23rd, 2016 that saw Britain vote to leave the European Union. This move caused an abrupt decline of the pound, which reached the lowest point since 1985. The U.K., being considered one of the best business hubs globally, could be greatly hit by the Brexit. There are pros and cons to this event and Hayder Al-Ani reviews these below.
Free trade will be adversely affected between the E.U. members and the U.K. This especially affects imports due to an end in the previous free trade. Therefore, for example, if an industry was acquiring their raw materials from Germany, the expenses will be quite high compared to before.
Businesses in various sectors have predicted that leaving the European Union will take a huge chunk of their profits and this could result in cutting down the number of workers. However according to Hayder Al-Ani Reviews all is not lost. The power to save businesses, even after Brexit, lies in diversified communication. Having professional digital managers and marketers that can handle the market sector in different cultures and nations according to their needs, will reduce the losses and ensure businesses will remain afloat.
In contrast, Brexit and the decline in the pound also saw some companies thrive as their products got more enticing to customers all over the world as their prices dropped. Imagine if all these firms catered to the linguistic needs of their clients, as suggested by Hayder Al-Ani Reviews, they would have registered a boom in their sales, through the interaction with more global clients in their own languages.
As Brexit negotiations continue, the U.K. awaits its fate and until then Hayder Al-Ani Reviews suggests businesses do all they can to diversify their international market and not rely solely on the E.U. countries for their business and trade.