For many people in the UK and Europe, it was a sad day when the majority of British voters opted for leaving the European Union. Despite the doom and gloom touted by much of the media, life still goes on for the British people and their businesses.
If you’re running a small to medium enterprise based in the UK, the good news is that it’ll still thrive, even though Britain has officially withdrawn from the EU at the end of January 2020. Still not convinced?
These five reasons will explain otherwise:
What you will read in this article:
1. Europe Still Wants to Trade with Britain
There’s no denying that Brexit is still a sensitive subject for a lot of people in the UK and the EU. But, one thing’s for certain: Europe still wants to have the United Kingdom as a trading partner. Britain is a major economic player in Europe and continues to be so after Brexit.
Europeans continue to demand many British products and services and are still seeking to form collaborative links with UK businesses of all sizes.
2. Trading with Europe Is Logistically Easy
When it comes to supplying products and services to Europe and vice-versa, the UK-EU trading link is arguably the easiest of all. From a geographic perspective, the British Isles are only 21 miles or 33 kilometers away from France (Dover to Calais).
There are air, sea, and rail links between the UK and mainland Europe. Traveling between the two trading areas doesn’t take long, and accessibility for freight transport is both extensive and convenient.
3. Transferring Money Between Britain & The EU Is Easy
While it’s true that the currency used in the UK is the British Pound, Britain is accustomed to dealing with payments in Euros – the currency used within the European Union. In the UK, you can easily open a Euro currency account with virtually all financial institutions.
It’s also worth noting that the exchange rate between the Pound and the Euro is stable these days. To that end, paying for things using either currency won’t result in severely unfavorable exchange rates.
4. The EU Offers Great Potential for International Expansion
If your UK-based business wants to look at selling its products and services overseas, the European Union still offers excellent incentives and advantages. As you probably know, the EU presently comprises of 27 member states.
What that means for you is your business has the opportunity to trade with 27 different European nations that all use the same currency. From a financial perspective, that makes handling transactions easy and simple.
5. Foreign Expansion Is Easier with Neighbouring Countries
Another point to bear in mind about expanding your operations overseas is that, logistically, it makes more sense to do so with neighboring nations. From a geographic perspective, the Republic of Ireland and France are the UK’s closest neighboring countries.
So, if you’re still thinking that your British business may not have a bright future post-Brexit, the above five reasons prove otherwise.