What are the implications of the UK leaving the EU for business?
As it stands, on 29th March 2019, the UK is due to exit the European Union. Whilst much of our attention is dedicated to following the debate, important questions persist regarding the future of business within the EU. In this video, Matt Hinde, FleishmanHillard’s Brexit lead, suggests some of his forward-looking insights into what the implications could be for EU business.
As the EU’s third most populous state, the UK is an influential player in the European Parliament and the Council of the European Union. Its absence will likely impact the ideological balance within the EU institutions.
In the Council, the UK has been a significant stronghold for the ‘liberalist block’, supporting an economically liberal Europe, larger trade deals with third countries and the furthering of EU enlargement. The UK’s departure would not only weaken the liberal bloc, but it would also strengthen Germany’s individual position in the Council through the loss of a key counterweight.
Similarly, leftist groups within the European Parliament would be strengthened, since most UK representatives sit with right-leaning groups – namely the European Conservatives and Reformists and the Europe of Freedom and Direct Democracy. It seems likely, therefore, we can expect to see a rather different Parliament taking place.
These ideological changes will have real implications on the ground and are something every business sector needs to think about and be ready for. Stay tuned for more videos on the impact of Brexit in Europe.