The election result provides a welcome degree of clarity for business. A strong majority government with a five-year parliament provides stability for business investment in the UK.
The UK will leave the EU in seven weeks on 31 January, and begin an eleven-month transition period. Attention will then shift to agreeing a free trade deal with our trading partners in the EU, opening access to markets around the world, and maintaining the global competitiveness of the UK and City of London.
With a ‘full Brexit’ likely to follow in January 2021, businesses have a year to prepare, not just for business continuity and compliance but also longer term adaptation and exploiting the opportunities of change.
As we leave the EU, the government will be developing new policies and programmes across all aspects of the business environment, from tax and spending to trade and immigration. Unlocking growth in the North West through transformational investment in skills and transport will do much to diversify opportunities across the country.
Given their importance to the economy, mid-sized businesses should be central to these considerations. During the election we heard a lot from all sides about small businesses and large corporates. As champions of the UK’s mid-market firms, who have all the complexity of global corporations but with less resource and capacity to manage big changes, Grant Thornton will continue to work with the government to help support the growth and needs of this engine of our economy.