The Bank of England’s (BoE) Monetary Policy Committee (MPC) has unanimously voted to maintain the UK interest rate at 0.75 per cent amid uncertainty about the potential nature and timing of the UK’s withdrawal from the European Union. Continue reading BoE holds interest rates as businesses cut back on investment ahead of Brexit
The Government has this month published details of the UK’s temporary tariff regime should the UK leave the EU without a deal later this year. Continue reading No-deal Brexit: Details published of temporary tariff regime
The number of VAT-registered businesses exporting goods across the UK has increased to 110,800, new figures have revealed. Continue reading Number of exporting businesses increase ahead of Brexit
UK Finance announced a national campaign encouraging small and medium-sized enterprises (SMEs) to prepare for the potential changes and opportunities brought about by the UK’s departure from the EU. Continue reading UK Finance launches campaign in bid to help SMEs prepare for Brexit
HM Revenue & Customs (HMRC) has announced plans to phase in Entry Summary Declarations should the UK leave the EU without a deal this March. Continue reading HMRC to “Phase in” Entry Summary Declarations in no-deal Brexit
UK businesses who share data with organisations in the European Economic Area (EEA) will need to take steps to ensure they continue to comply with data protection laws should the UK leave the EU without a deal.
The warning comes as the Prime Minister fails to get Parliament to agree to her Brexit withdrawal bill, increasing the prospect of a no-deal outcome.
In light of this, the Government has begun to publish an abundance of guidance for businesses, detailing what to do and how to prepare for changes, should we leave with no deal in place.
As part of this guidance, the Information Commissioner’s Office (ICO) has produced a six-step checklist to help businesses to continue sharing data legally after 31 March 2019.
The regulator said the UK does not intend to impose additional requirements on transfers of personal data from the UK to the EEA, therefore organisations will be able to send personal data to organisations in the EEA as they do currently.
However, without a legal agreement in place, transfers of personal data from the EEA to the UK will become restricted once the UK has left the EU.
Because of this, the Government advises that organisations who receive personal data from organisations in the EU should consider what changes they may need to make to continue complying with the general data protection regulation (GDPR) and other legal obligations.
The six-step checklist, found here, may help you navigate this process.
The following guides may also help:
For more help and advice, please get in touch with our expert Brexit advisory team.
HM Revenue & Customs (HMRC) will introduce a simplified importing procedure for businesses trading with the EU should the UK leave without a deal in March. Continue reading Government promises simplified customs procedures in event of no-deal Brexit
The Government has written to more than 145,000 VAT-registered businesses across the UK, explaining the potential changes to customs, excise and VAT in the event that the UK leaves the EU without a deal. Continue reading Trading after Brexit: What is an EORI number and why do I need one?
UK growth is stagnating as a result of heightened Brexit uncertainty and other economic pressures, the British Chambers of Commerce (BCC) has warned. Continue reading Uncertainty stalling UK economic growth, warns BCC report
Confidence amongst small businesses has tumbled to a seven-year low – in part due to the uncertainty of Brexit.
A survey carried out by the Federation of Small Businesses (FSB) has found that nearly one in three small exporters think that sales to overseas customers will fall during the early part of this year.
Meanwhile, one in seven of the more than 1,000 small businesses questioned for the survey said that they plan to cut investment, a figure that was last this low two years ago.
Mike Cherry, Chairman of the FSB, said: “We’ve not seen political uncertainty weighing on small business confidence like this for many years.
“Planning ahead has now become impossible for a lot of firms, as we simply don’t know what environment we’ll be faced with in little more than 100 days’ time.
“A pro-business Brexit is one that ensures we can trade easily with the EU and have access to the skills we need.
“The latter is already proving a challenge and if we crash out of the EU on 29 March without a deal, the former will go out the window.”