London — Britain’s exit from the EU’s single market is expected to cause significant disruption and cost. Yet the upheaval is also supposed to yield opportunity.
As Britain and the EU try to thrash out a trade deal by the year-end, here’s some of the potential opportunities for businesses — from fishing companies to airlines and insurers.The UK will have more power to shape its regulatory environment and cut taxes. It already has one of the lowest rates of company tax in Europe, but the country could go further. The government could also expand the “patent box”, which reduces taxes on profit from patented inventions to foster research & development.
In aviation, Britain would have the ability to cut air passenger duty on the return leg of domestic flights, which is at present prevented by a European Commission ruling. Reducing the levy has long been a demand of airlines, which say it would mean cheaper flights.Insurers may soon fall outside European rules known as Solvency II if a government review started earlier in October is implemented.
Fintech firms such as TransferWise and Revolut will no longer be restricted by data localisation rules, meaning they could expand operations into Japan without needing to build servers in the country. The trade pact will help TransferWise “support Japanese customers with cheaper, faster and more convenient services”, said Venkatesh Saha, the company’s head of expansion for Asia-Pacific.
“There are so many products where we currently pay import duties to protect industries in other parts of Europe,” said Simon Wolfson, CEO of retailer Next. “There is very little point having tariffs on these.”Extra costs when trading with the EU will encourage UK manufacturers to source more of their inputs locally, said Andrew Underwood, a Brexit supply chain and procurement consultant at KPMG. That will particularly apply to just-in-time manufacturing, he said.
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