BDO comments on post-Brexit trade deal

Commenting on the post-Brexit trade deal announced today, Stuart Lisle, Chair of BDO’s Brexit taskforce said:

“The lateness of the hour won’t dampen the feeling of immense relief among many in the business community that a comprehensive Free Trade Agreement has been struck with EU.

“While the outcome won’t please everyone, the return of some certainty into the business planning process and the removal of much of the friction that could have been suffered throughout supply chains will be hugely welcome.

“Businesses will now need to pore over the considerable detail behind today’s historic agreement to fully understand the implications. The hard work to rethink business’ trading with our nearest market can now take a much smoother road.

“Many of the changes to business practices were already baked in when the UK chose to leave the single market and create a border between ourselves and the EU, but now we have a blueprint which is much wider ranging than normal FTAs.

“As we look ahead the Government must prioritise support for the UK’s mid-sized businesses.  Whilst numbering less than 1% of UK businesses they provide one third of UK revenue and UK jobs yet are often overlooked and undervalued by policymakers.  Too big to benefit from the raft of policies aimed at small businesses and too small to have the clout of the FTSE100, mid-sized businesses often fall into a policy gap. The costs of compliance with the new border with the EU will be particularly keenly felt by this tier of business, so they will need to be given even more support in this new reality.  This must now be addressed with a simpler tax system, support to improve productivity and delivery of regional infrastructure investment.

“Clearly, COVID-19 has placed significant pressure on the public finances and slowed economic progress. But as the recovery takes root, the Government must deliver on its levelling up agenda and support growth across all of the UK’s regional economies.”

ENDS

For more guidance on the post-Brexit trade deal, visit our Brexit Hub.

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