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Aspiring Lawyers - Interviews & Vacation Schemes
Commercial Awareness Discussion
Commercial Awareness Update - August 2018
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<blockquote data-quote="Coralin96" data-source="post: 1372" data-attributes="member: 15"><p style="text-align: center"><strong>No deal v bad deal Brexit</strong></p> <p style="text-align: center"></p><p>Ministers have suggested we may leave the EU without a deal. This follows push back from the EU after Theresa May announced Britain's negotiating plan last month.</p><p></p><p><strong>Impact on businesses and law firms</strong></p><p></p><p>The impact of a 'no-deal Brexit' could include:</p><p></p><p>• Britain has the benefit of EU trade deals with over 50 countries. In the event of a no deal Brexit, businesses based in the UK would lose revenue as they struggle to sell their goods and services to international buyers, without expensive trade terms.</p><p></p><p>• If Britain leaves the EU without a deal, 2.8 million EU citizens could lose guaranteed rights to remain living in the UK, and 1.2 million UK citizens could lose their rights to remain living in other EU countries. British businesses would also suffer without easy access to European talent, which may prompt them to move into the EU.</p><p></p><p>• An IMF study recently estimates the five year effect of a no-deal Brexit would be a fall in growth by 4%, compared to no Brexit.</p><p></p><p>• Many British businesses use the EU for their factories and production. In the event of a 'no-deal Brexit", these businesses would struggle with disruptions to their supply chains. They would need the help of advisers including law firms, to restructure. It would also be expensive to find non-EU alternatives to buy their goods from, and sell their goods to.</p><p></p><p>• There would be new regulatory challenges when it comes to transactions in the EU. Whether it’s an acquisition or the sale of medicines, companies would have to make sure they are compliant with EU laws. For example, according to The Economist, “Britain’s car industry employs 800,000 people and exports 80% of its output”. As a sector dependent on international trade, these companies would face high costs, challenges to hiring workers, new tariffs and a loss of EU certification for their vehicles.</p><p></p><p>• Likewise, the UK would need to consider creating bodies to replace EU agencies, like the European Medicine Agency and the European Aviation Safety Agency. And they would need a new system with the EU in relation to security cooperation and the European Arrest Warrant.</p><p></p><p>• Banks would suffer from their inability to “passport” into the EU, which means they would be unable to export their financial services to EU customers, without regulatory barriers. To continue selling their services to EU clients, they will need to consider establishing subsidiaries within the EU, or they could apply for a licence.</p><p></p><p>• Contracts between UK and EU financial services firms, and other companies, could collapse, leaving businesses with high costs and uncertainty when it comes to doing business or investing in the EU.</p></blockquote><p></p>
[QUOTE="Coralin96, post: 1372, member: 15"] [CENTER][B]No deal v bad deal Brexit[/B] [/CENTER] Ministers have suggested we may leave the EU without a deal. This follows push back from the EU after Theresa May announced Britain's negotiating plan last month. [B]Impact on businesses and law firms[/B] The impact of a 'no-deal Brexit' could include: • Britain has the benefit of EU trade deals with over 50 countries. In the event of a no deal Brexit, businesses based in the UK would lose revenue as they struggle to sell their goods and services to international buyers, without expensive trade terms. • If Britain leaves the EU without a deal, 2.8 million EU citizens could lose guaranteed rights to remain living in the UK, and 1.2 million UK citizens could lose their rights to remain living in other EU countries. British businesses would also suffer without easy access to European talent, which may prompt them to move into the EU. • An IMF study recently estimates the five year effect of a no-deal Brexit would be a fall in growth by 4%, compared to no Brexit. • Many British businesses use the EU for their factories and production. In the event of a 'no-deal Brexit", these businesses would struggle with disruptions to their supply chains. They would need the help of advisers including law firms, to restructure. It would also be expensive to find non-EU alternatives to buy their goods from, and sell their goods to. • There would be new regulatory challenges when it comes to transactions in the EU. Whether it’s an acquisition or the sale of medicines, companies would have to make sure they are compliant with EU laws. For example, according to The Economist, “Britain’s car industry employs 800,000 people and exports 80% of its output”. As a sector dependent on international trade, these companies would face high costs, challenges to hiring workers, new tariffs and a loss of EU certification for their vehicles. • Likewise, the UK would need to consider creating bodies to replace EU agencies, like the European Medicine Agency and the European Aviation Safety Agency. And they would need a new system with the EU in relation to security cooperation and the European Arrest Warrant. • Banks would suffer from their inability to “passport” into the EU, which means they would be unable to export their financial services to EU customers, without regulatory barriers. To continue selling their services to EU clients, they will need to consider establishing subsidiaries within the EU, or they could apply for a licence. • Contracts between UK and EU financial services firms, and other companies, could collapse, leaving businesses with high costs and uncertainty when it comes to doing business or investing in the EU. [/QUOTE]
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Commercial Awareness Update - August 2018
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