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Hard or soft Brexit?

22 Jun 2017

We now know that a coalition government will be leading Britain out of the EU. But, with conflicting reports on each party’s views on hard and soft Brexit, some leaders have called for a rethink on the Brexit strategy, or we risk facing economic uncertainty.

During her early leadership, Theresa May’s Conservative government was aiming for a hard Brexit, but after the party lost the Commons majority, many MPs are now considering backing a softer Brexit. Many businesses are also gathering to support this view as they believe a hard or soft Brexit will have conflicting implications.

The CBI is already actively canvasing its members to put the economy at the heart of the negotiations. Agreeing on legislation such as EU citizens’ rights, future trading relationships and how to handle any transitional arrangements will affect businesses at all levels.

According to one expert quoted in an article from the BBC, the election result has reduced the risk of a hard Brexit and Britain’s chances of remaining in a single market have increased.

They judge that the probability of soft Brexit is about 60%, with a 35% chance of a negotiated hard Brexit. Some of Britain’s largest employers, such as Airbus, are also pushing for a softer Brexit deal. For many businesses, mobility between factories in the EU and in Britain is crucial and a free flow of people is essential.

Time will tell as Brexit negotiations get underway, but if you are concerned about how some of the changes will affect your business, then contact DMH Stallard to see how we can help.

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