Hear our expert’s updates on the latest Brexit developments
The UK Parliament has rejected the government’s draft withdrawal agreement. Join HSBC’s UK Economist Mark Berrisford-Smith as he explores what could happen next and what it all means for companies who do business with, or have subsidiaries in, the UK. Recorded on Thursday 17th January 2019.
'While much uncertainty remains, the potential transition period is widely seen as good news by businesses' according to HSBC's top trade finance team who were brought together to discuss what a Brexit transition period could look like for businesses in different sectors and what businesses should be thinking about now – especially around their supply chain.
Potentially forthcoming Brexit changes have triggered open and wide-ranging discussions between businesses and banks. In this short video, HSBC's expert panel discusses why planning is crucial among corporate clients seeking post-Brexit opportunities and what questions businesses should be asking now.
What's on the horizon for the UK economy?
There is a range of possible outcomes, but they can broadly fall into 3 scenarios.
- Soft Brexit: The UK seeks full access to the single market while enforcing freedom of movement for people
- Hard Brexit: The trade talks fall apart or the negotiated deal fails to pass. The UK exits the single market and the customs union in 2019
- Creative Brexit1: 2-year 'status quo' transition deal before applying the result of the negotiations. The UK exits the single market and the customs union in 2021
1. 'Creative Brexit' refers to the potential outcome of a negotiated settlement between a 'Hard' and a 'Soft' Brexit, but different in nature to existing agreements between the EU and non-EU states."
First and foremost at HSBC we’re ready to ensure business continuity for our clients. And this is where the Brexit working group comes in. By getting everyone in the organisation round a table early you can unearth impacts that might not at first seem obvious
Throughout Brexit, we'll keep your focus on the next move forward.
Through evolving times for Europe, Clients can rely on HSBC for continuity, stability and support for your business. Whatever Brexit scenario unfolds, our well-established UK and European Economic Area (EEA) network will mean the minimum of disruption for businesses.