BoE holds interest rates as businesses cut back on investment ahead of Brexit

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

UK Finance launches campaign in bid to help SMEs prepare for 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

Data protection: what happens if we leave the EU without a deal?

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.

 

Trading after Brexit: What is an EORI number and why do I need one?

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?

Brexit uncertainty sends small business confidence to a seven-year low

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.”

Link: Small business confidence hits seven-year low