NEWS | Brexit Britain REGULATION
Good news here. Regulatory stability, at least in the short-to-medium term, looks to be the order of the day. Businesses around the UK, and those they trade with around the world, cite potential regulatory instability during the Brexit transition as a key concern. Ministers have, to date, sensibly spoken of maintaining regulatory equivalence for a period of time, including bringing forward a Great Repeal Bill, to transpose all existing EU law into the UK statute books before we leave the European Union. The early talk is of making regulatory change
as painless as possible – a good aspiration when compared with the long history of burdensome, resource-sapping regulatory change that businesses have oſten faced.
EU FUNDING
Here, the Chamber Network has already had a significant – if incomplete – win. Following on from our protests about the impact of the potential withdrawal of EU funding for key local growth projects, research collaborations and infrastructure schemes, Chancellor Philip Hammond responded with a swiſt Treasury guarantee for all projects signed off by autumn 2016. This will keep many local projects, as well as match-funded schemes for trade with other countries, going until the end of the current parliament in 2020.
TAXATION AND CUSTOMS
Indirect taxes, such as VAT, and questions of origin, are important concerns for UK companies doing business across Europe – and beyond – during the Brexit transition. While the UK itself is very likely to adopt much of the EU Union Customs Code as a point of departure, there will be opportunities to sharpen and improve some elements of this in the interests of our importing and exporting firms. While it is still very early days, the Chambers of Commerce plan to engage at both political and technical levels to achieve a good outcome for businesses and the Chambers that support them. The prime minister and her team have a real chance to craſt a bespoke set of arrangements that are both advantageous to UK firms and acceptable to our trading partners in the EU and beyond.
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The diverse businesses in the Chamber Network are – rightly – focused on the impact of our transition on their own business models and prospects. They expect HM government and the Bank of England to deliver stability of markets, further clarity on the timetable for transition, and firm action on those matters that are entirely within Westminster’s giſt. Calm, rational consideration is the order of the day. Q
Adam Marshall was appointed Director General of the British Chambers of Commerce in October. His main role is to represent and champion the interests of accredited Chambers of Commerce and their tens of thousands of business members – covering every size and sector of business, and employing over five million people in the UK
DIRECTOR OF FINANCE 13
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