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roundtable


The Business Magazine staged this roundtable at The Royal Berkshire Conference Centre, Reading with Southern Manufacturing 100 sponsors Shoosmiths, MHA MacIntyre Hudson, Taylor Made Computer Solutions, global insurance broker JLT along with invited business representatives, who together concluded that .....


Uncertainty and delay could be the biggest Brexit bugbears


Participants


Nick Bion: Perforation specialists Bion, Reading


Howard Clarke: Morgan Innovation & Technology, Petersfield


Richard Cooper: Investment and growth advisers Oxford Innovation


Patrick King: Tax partner, MHA MacIntyre Hudson


Andrew Knott: Partner, specialist insurers JLT Group, Reading


Stephen Lane: FD, motorsport engineers Xtrac, Thatcham


Lined up to debate: the Roundtable team Journalist John Burbedge reports the Roundtable highlights


Give us decisions, future certainty, and get on with it


The business world won’t stand idle while politicians debate, dither and decide the future Brexit deal details. Many companies have already made contingency arrangements, some have announced potential relocations, and reduced foreign student and job applications tell their own story.


However Brexit negotiations turn out, the business world will tackle the opportunities or challenges and progress as best it can – that’s the nature of commerce. But, boardroom strategic decision-making on investment, growth, M&A, and employment needs the foundations of future certainty and good timing to build sustainable successful businesses.


That undercurrent ran throughout this lively discussion.


David Murray highlighted that manufacturing contributes £6.7 trillion to the global economy, represents 45% of UK exports, and the UK is the 9th largest manufacturer worldwide. Interestingly, 84% of UK manufacturers were ‘Remainers’, positive about the EU business environment.


Currently, the market was fairly buoyant – with exports boosted by the weaker pound, but import pressures now feeding through as inflation.


Brexit reaction? We haven’t left yet


Martin Strutt of EEF* described the general business view: “It’s not what we wanted, but let’s get on with it. We’ve been through world wars and recessions – we’ll survive.


“It makes me cross when the Press or people say ‘Look, we voted Brexit and everything’s alright.’ We are not experiencing Brexit; we haven’t left yet.”


Business THE TM MAGAZINE 30 businessmag.co.uk


Wyndham Lewis, who consults with global equipment business Altrad, noted the UK construction market seemed to be moving from purchase to hire. “It’s a political situation rather than commercial at the moment. The world will carry on, but it’s uncertainty that’s killing everybody.”


Wyndham Lewis: 180 BPM, sales and marketing for manufacturers


Philip Ryan: Partner, Shoosmiths Martin Strutt: Regional director, EEF


David Murray: publisher of The Business Magazine, chaired the discussion


Richard Cooper agreed. SMEs were hedging their bets on growth plans or fresh business links. “They’re not sure what to do.”


Andrew Knott: “Everyone is trying to second-guess, and while positive, they realise the current atmosphere could be short-lived.”


Roundtablers agreed with Murray that a clearer guide from government was required.


Stephen Lane revealed that Xtrac, with 80% of exports, had seen the impact of weaker sterling, but so far no negative Brexit consequences. He feared “politics may get in the way of our commercial world”. The next two years would be the acid test – with perhaps inflation increasing, real wages falling, etc, flowing through into consumer demand, which has kept the economy fairly buoyant. “Then we’ll see the true Brexit impact.”


Brexit campaigning created some THE BUSINESS MAGAZINE – JULY/AUGUST 2017


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