What will be the impact of Brexit on the UK's key industries?
15 November 2016
It has been a few months since over half of the UK electorate voted to leave the EU. Since then, we have heard opinions from various sources highlighting the potential impact leaving the EU could have on Britain and the wider economy. However, it is now that we are starting to get a more lucid insight into the impact on specific sectors such as housing and construction.
Geraldine Fabre, a corporate lawyer at Sherrards Solicitors takes a closer look at the impact of Brexit.
The implications of Brexit
The House of Commons Library has published a briefing paper, ‘Brexit: Implications for the Housing Market and Construction Industry’, which considers issues such as the labour market, the housing issues, construction industries confidence and potential policy responses.
The paper provides early indications of the impact of the vote on the UK housing market and the house building industry - to access it, please click here.
Insurance – Brexit EU legislation mapping exercise
The Association of British Insurers recently identified 80 pieces of legislation, categorised under policy areas including conduct, prudential (regulation and accounting), long-term savings, general insurance and legal. In every case, the ABI has stated when the legislation came into force or is due to come into force, and whether it applies directly or through UK legislation.
The objective is to help its members to evaluate the implications of leaving the EU and to consider what action should be taken during exit negotiations and after the UK leaves the EU. Download the full document from the Association of British Insurers.
Although it is still too far early to predict the direct impact Britain leaving the EU will have on domestic and foreign businesses, it is evident that the driving forces behind some of Britain’s most lucrative industries are already drawing up plans and forecasts to prepare industry players for the outcome of leaving the EU.