Whether or not the outcome of Britain’s decision to leave the EU is in fact as drastic as both campaign sides implied, the results of the historic vote which took place on Thursday 23rd June has still left many individuals and businesses reeling.
While primary leave campaigners have already come under criticism for not offering a “plan” for a British exit, Bank of England Governor, Mark Carney, has offered assurances that UK banks are more resilient than they were in the economic crash of 2008, and has made £250 billion available to steady wavering markets, where the biggest drop in the value of the pound of 31 years is reported.
Having previously warned of increased austerity and an “emergency budget” prior to the referendum, which saw 52% of those voting opting to come out of the EU membership, Chancellor George Osborne seems to be calming fears one day, while alluding to cuts and rising tax the next.
The “period of uncertainty and adjustment” Mark Carney refers to has already been felt by everyone in the short amount of time since the results were announced, with most recent reports at the time of writing showing that the index was up 2.75% at 6,146.69, while the FTSE 250 had gained 3.3%.
With President of the European Commission Jean-Claude Junker pushing for the UK to act on its decision in order to reinstate stability and progress with future EU plans, and Prime Minister David Cameron stating in his public resignation that Article 50 would not be triggered until a new leader is in place in the autumn, it’s likely that this uncertainty will continue some time into the near future.
Much like any Business Continuity Plan, which serves to negate the impact of events beyond the control of those they effect, business owners can best plan for potential instability by asking the right questions, and working towards a solution around the answers.
This might be looking at which specific EU regulations affect your sector or how much of your trade is linked to the European free market.
Regardless of when the process for the UK to extricate itself from a membership of which it has been part of for over 40 years, there is at least one consensus amongst those in parliament; that having never been done before, it’s likely to be a complicated process that could take up to two years.
