News & Views

How will Brexit affect key UK industries?


Sherrards sheds some light on Britain’s referendum result in support of BREXIT

It has been a few months since over half of UK voters opted to leave the European Union. Since then, we have heard perspectives from multiple sources highlighting the possible impact that leaving the EU may have on Britain and the wider economy. However, it is now that we are beginning to get a slightly clearer picture of the impact this move will have on specific industries, such as housing and construction.

Recent developments include:

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.

To learn more about the paper, its finding in relation to early indications of the impact of the vote on the UK housing market and house building industry, please read the recently published Parliament Research Briefing.

Insurance – Brexit EU legislation mapping exercise
The Association of British Insurers recently identified 80 relevant pieces of legislation, categorised under policy areas including conduct, prudential (regulation and accounting), long-term savings, general insurance and legal. In each 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 aim is to help its members to assess the implications of leaving the EU and to consider what action should be taken during the negotiations and after the UK leaves the EU. Download the full document from the Association of British Insurers.

Although it is still too early to predict for certain the direct impact that Britain leaving the EU will have on domestic and overseas businesses, it is clear that the driving forces behind some of Britain’s most lucrative industries are already devising plans and projections to prepare industry players for the outcome of leaving the EU.

 

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