VIEWS ON BREXIT
In 2017, the impact of United Kingdom (UK) initiating its exit from the European Union (EU) started to be felt, particularly within the UK economy. However, Brexit will indeed have a major political, economic and social impact in the UK, Europe and the world in the years to come.
Strategies on Managing Brexit Risks
There is no doubt that with Brexit, the global trade will be disrupted. Although the main focus is on the UK-EU relationship and how trade between them will be affected, the whole world will be influenced by these changes and disruption.
In this globalised world, everything is inter-connected. Goods and services will follow the route of least friction. As a result, wherever there are free trade agreements in place, goods and services will flow more easily.
When former Prime Minister David Cameron made the promise in 2013 to have a Brexit referendum for the British people to decide on the fate of the United Kingdom (UK) in the European Union (EU), he probably never foresaw that it would eventually cost him his job.
So far it remains unclear about how the United Kingdom (UK) will disentangle itself from the European Union (EU) and how its relationship with EU will eventually be. All these changes definitely create a lot of uncertainties for business leaders, since they have to think and implement the right corporate strategy to deal with the future post-Brexit environment.
The general election results of 8 June in the United Kingdom (UK) have inflicted severe damage. As a result, May's 'Brexit means Brexit' has now a whole new meaning and her initial plans may be in shambles.
Six months on after the Brexit referendum of 23 June 2016, it may seem that little or nothing has changed. However, one should not fall into the false sense of complacency into believing that the post-Brexit environment is and will be almost business as usual.