What comes first, opportunity or threat?
International Trade, Economics and Policy (ITEP) unit
At this time of economic, political, legislative, regulatory and trade change, business decisions are increasingly important and difficult. It is therefore key that businesses are more adaptable, strategic and visionary than ever before, and that they review their methodologies and assumptions.
Business leaders must lead more than just business.
Leading through disruption requires access to knowledge and information, collaborative management and decision-making to allow new ideas and business models to come to the fore.
Our International Trade, Economics and Policy (ITEP) unit delivers powerful business insights that can help you better understand the changing landscape and identify growth opportunities.
Bringing together a cross-sector team spanning economics, policy, trade and regulation, ITEP helps businesses, government and industry bodies to answer the most challenging questions and forge a successful future for the UK in the global economy.
Together we can help navigate business through uncertainty.
How ITEP can help
Helping policy-makers understand the economic and commercial implications of change.
Taking advantage of access to new markets in a new regulatory landscape.
Building and retaining the workforce you need for growth.
Addressing the demand for greater transparency.
Using new trade deals to access key markets and new trading opportunities.
Recognising the importance for clarity in financing and risk management.
The changing macro-economic, political, trade and societal landscape will trigger domestic policy change.
In the UK, the combination of increased autonomy around policy-making post-referendum, coupled with a government pledge to create a “Britain that works for everyone” has triggered a review of current policies, ranging from immigration to state aid.
We have years of experience helping with policy matters. Our diverse engagements with governments, industry and trade bodies are testimony to our capabilities, and enable us to provide a unique perspective. We engage with government to link subject matter professionals in industry sectors, policy, taxation, international trade and economics. This gives us the insight and experience to help our clients maximise competitiveness, realise opportunities and respond to challenges as the policy environment changes.
A key feature of EU membership is the requirement to follow EU-derived regulation, much of which is a pre-requisite for selling products or services in the Single Market.
Regulations cover many areas, from product licensing, intellectual property and data protection, to energy, environment, and financial services.
Organisations should consider how important individual areas of regulation are to their strategy and business model so they can help identify any mitigating actions they may need to take, and when, to protect their business.
Building and retaining the workforce you need for growth.
The decision to leave the EU has introduced new people challenges and opportunities.
Immigration regulations and visa requirements will change, restricting access to the right talent, and organisations will need to consider how talent is sourced, structured and retained, along with tax, social security and compliance implications.
The EU has been a base for much of the UK's existing tax regime, in some cases through UK domestic law and implemented EU-agreed policies, and in others – notably customs – directly. Exiting the EU means the UK must identify:
- • what needs to be mirrored into UK law once EU law no longer has direct effect
- • which of these provisions should be changed immediately
- • what else should be done to make the UK more competitive.
This is a huge challenge for the government, and businesses are likely to have limited time to react once decisions are made. Actions taken in the run-up to Brexit may well give rise to greater tax charges after separation.
With uncertainty over the UK’s post Brexit cross-border regime, understanding exposure under various scenarios, and what decisions can be taken now to mitigate these, could save future anguish and cost.
Using new trade deals to provide access to key markets and create new trading opportunities.
Following Brexit and the US presidential election, we are seeing a shift from multilateral to bilateral trading arrangements. The UK Government has pledged to leave both the Single Market and the Customs Union, which will mean the re-introduction of a customs border between the UK and the EU – and global supply chains will need to adapt.
Recognising the importance of clarity in financing and risk management requirements.
As the UK enters formal Brexit negotiations, it has never been more important for companies to ensure clarity in their financing and risk management requirements and, increasingly, their options. Record-low interest rates and exceptional liquidity in financial markets has been the hallmark of the post-financial crisis era, and with this, great opportunity.
Our points of view
Inward investment after Brexit
Positive sentiment towards the UK as an FDI destination hasn’t collapsed, but there are signs inbound flows are slowing.
Brexit Diagnostic Model
EY’s Brexit Diagnostic Model helps businesses prepare for the UK’s leaving the EU with the minimum diversion of resources.
EU & US Outlook
Our views on the impact of the US, EU and UK political landscapes.
Act or React?
Mats Persson, EY’s Head of International Trade UK&I, considers how businesses should balance commitments with flexibility through political uncertainty.
Building a business tax blueprint for the UK post-Brexit
We asked tax and finance professionals headquartered in the UK and overseas how they think the UK's tax system will affect its attractiveness post-Brexit.
Our latest insights
Economics for Business
Knowledge, analysis and insight to help businesses.
EU referendum: Brexit
Find out what the decision to leave the EU means for business.
EY ITEM Club
Detailed economic analysis and forecasts independent of any political, economic or business bias.
Meet our team
Our ITEP team has extensive experience across economics, policy, trade and regulation, offering insight across sectors to help you realise new opportunities.
Mats is a core member of EY’s ITEP unit. He joined from Number 10, where he was Special Adviser to former Prime Minister David Cameron, and part of the 2015/16 team that renegotiated the EU’s membership terms and other reforms. Prior to this, he was Director of Open Europe, an influential independent policy think tank.
Mark has over 30 years’ experience in more than 40 countries advising governments and industry on economics, policy and regulation. He has worked extensively across the UK developing economic growth and regeneration, and has conducted academic research focused on the UK’s privatisation policy and its long-term implications for economic growth and industrial policy.
Chris leads EY’s Global Tax Policy team, working with clients to develop proposals for tax policy change that can be taken to government. This involves developing technical policy options in a form used inside government, covering economic issues, tax legislative concerns and fiscal costings. This ensures proposals can be implemented with the minimum of delay, that government policy-makers’ concerns are addressed, and proposals have the maximum chance of adoption.
Gilly is Regional Leader of our UK&I People Advisory Services, with over 20 years’ management consulting experience. She has over 20 years’ experience in financial services, working for a variety of banking and capital markets and insurance clients focussed on change, HR, talent, and organisation performance. Gilly has a strong track record working on large business transformation engagements and providing top team coaching.
Marc leads EY’s Global Trade team and has over 22 years' experience advising clients on customs, trade, market access and indirect tax on a global basis. Marc was located in Asia for a substantial part of his career helping businesses navigate a wide variety of tariff and non-tariff barriers.
Request for proposal
Claire is an international tax partner and head of EY’s Tax Technical Policy and Knowledge team. She is responsible for analysing the latest technical developments and their implications for clients, and for advising on action to take in light of these. She meets regularly with HMRC and HM Treasury to discuss how policy objectives can best be achieved. She is a member of the CBI Tax Committee and its Brexit Tax Steering Group.
Blogs and views
Act or react? Navigating your business through political uncertainty | April 2017
Mats Persson, EY’s Head of International Trade, considers how businesses should balance firm commitments with sufficient flexibility to deal with political uncertainty over at least the next two years.
Allocating capital in an uncertain global economy: time to return to Europe? | April 2017
EY’s Chief Economist Mark Gregory’s latest blog asks: the global economies – time to return to Europe?
The UK is changing now, can you afford to wait for Brexit? | April 2017
Mark Gregory’s latest blog discusses the findings from EY ITEM Club’s 2017 Spring forecast.
Digital, Brexit and the future of work – a perfect storm for retailers, with disruption around every corner | April 2017
Mark Gregory discusses the disruption facing UK retailers.