North West businesses must use coming months to assess impact on trade, people and regulation

24 June 2016

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Simon Allport, EY’s North West senior partner commented: “The initial impact of the vote to leave the EU may not be felt straight away as we will still likely be full members during the negotiations. There is a risk that we may see investments continuing to be delayed and transaction activity continuing to be put on hold in the face of heightened uncertainty.

“The longer term picture however is another matter. Businesses across the region must use the next few months to assess their position in terms of trade, their people and regulation. Europe is a significant investor in the North West, as our recent UK Attractiveness Survey shows, in particular from Germany and France.

“Organisations need to assess their access to key export markets, imports and the relevant impact on their supply chains. Access to skilled staff will be high up the agenda for some sectors. Businesses across the region will also be keeping a close eye on any changes to regulation and to Government policy, particularly around issues such as taxation, EU research funding and potential use of state aid by UK Government to back selected sectors. Although any changes are likely to take time to come through.

“We do not know the exact changes that we will be facing over the coming years, but this time can be well-spent by strengthening current positions and relationships, planning for the most-likely scenarios and looking out for new opportunities that will come.”