Business Sectors

We have put together answers to the most common questions our customers and stakeholders have asked about Brexit. This section outlines the key considerations for Northern Ireland’s key sectors: agri-food; manufacturing; financial and professional services; technology; leisure and tourism; and life and health sciences. We also have two more sections detailing guidance on:

  • Brexit impact covering: high-level information and timelines about the Brexit process, and key areas your business should focus on in relation to preparing for Brexit.
  • Brexit preparation covering: strategic sourcing; logistics and transport; customs, tariffs and taxation; people and immigration.

These are subject to change and will be updated as more information and clarity about Brexit becomes available, so do check back from time to time.

Regardless of which Brexit scenario materialises, there are a number of considerations you should be addressing now to lay the groundwork to mitigate risks or seize opportunities arising from Brexit. If you would like to have a discussion about how Brexit could affect your business, call your Invest NI contact or our Business Support Team on 0800 181 4422.

 

  • If the UK leaves the European Union (EU) without a deal, the UK Government is forecasting a reduction in consumer confidence and economic growth. Have you evaluated the risk exposure of your business to Brexit, and identified the mitigating actions you need to put in place?
  • Have you registered your business for an Economic Operator Registration and Identification (EORI) number? HM Revenue and Customs (HMRC) uses this number to identify you and collect duty on your goods, so you need will need this to continue to import or export goods with the European Union (EU).
  • If you transport goods outside of Northern Ireland, have you sought the necessary assurances from your network if there are changes to border control and customs declarations, records and proof of origin documentation, which may negatively impact on your logistics and corresponding timescales?
  • Have you reviewed your ability to service your customer base? For example, can you increase your sales to customers in Great Britain or expand into markets outside the EU? Or have you considered market access following the loss of free trade agreements with the EU, and the potential opportunities from UK trade agreements with non-EU countries in a no-deal Brexit?
  • Changes to the EU regulatory regime may mean you have to work across multiple regulatory and licensing frameworks. Have you considered how your business can comply with multiple, separate frameworks and address any additional cost and resource implications?
  • Do you understand what additional costs your business could face as a result of tariff increases, including trading under World Trade Organisation (WTO) rules? The UK Government has published details of UK Trade Tariff Volume 3 for the Customs Handling of Import and Export Freight (CHIEF) system and the Customs Declaration Service and InterTradeIreland Brexit tariff checker

 

 

  • Have you completed a risk assessment of your supply chain and the reliability of your supplier base against any potential cross border disruption, and taken steps to mitigate any risks? Our Get Ready for Brexit: Strategic Sourcing online tutorial has guidance on how to strengthen your supply chain.
  • Do you understand the impact of any delays in the transportation of goods outside Northern Ireland will have on your distribution model, for example, reduced reliability, higher costs, increases in tariffs, additional customs declarations and records and proof of origin documentation?
  • If your suppliers are facing increased disruption and higher costs, have you sought the necessary assurances that these costs will not be passed on to your business, and current quality, volume and quota requirements will not be affected? Or do you need to consider alternative solutions?

 

 

  • If there is a no-deal Brexit, the principle of mutual recognition will cease. Do you understand what you need to do to comply with regulations on manufactured goods placed on the EU market and manufactured goods placed on the UK market if there is a no-deal Brexit?
  • UK food labelling standards currently mirror those of the EU. Have you investigated how changes to these standards will impact on your business in terms of cost, time and resource? Do you understand the changes you need to make to food labelling on packaging for your goods?
  • Have you considered the sanitary and phytosanitary requirements on your products after Brexit? For example, if you import or export wood packaging material (WPM) you must meet treatment and marking requirements under the International Standard for Phytosanitary Measures 15 (ISPM15).
  • Will your business face increased administration and compliance costs on existing and future commercial contracts, and have you considered the impact Brexit may have on your legal rights and obligations under these agreements. Our Get Ready for Brexit: Commercial Contracts online tutorial has guidance on how to perform an audit of your existing contracts and assess the effect that Brexit may have.
  • Have you considered how the General Data Protection Regulation (GDPR) will affect your business in the event of a no-deal Brexit and whether you have the necessary contractual agreements in place? Our Get Ready for Brexit: Data Protection online tutorial has guidance on how data transfer in your business will be affected post Brexit.

 

 

  • Have you assessed the impact of currency volatility on your business? You need to understand your risk exposure, the level of exchange rate fluctuation you can sustain, and how to minimise the impact of future adverse currency movements or a long term decline in the value of sterling.
  • If your business is in receipt of EU grant funding, have you assessed how a reduction or removal of this funding will affect your current business model?
  • Have you reviewed your cost base and revenue streams, and assessed how a no-deal Brexit may affect your cashflow and working capital needs? Have you identified how you are going to meet these requirements, or can you optimise your operations to reduce working capital requirements?

 

 

  • Have you reviewed your workforce retention and recruitment needs? Our Get Ready for Brexit: People Movement and Immigration online tutorial have guidance on key actions to take to prepare for Brexit, including details of the EU Settlement Scheme. The UK Government has also published advice regarding the EU Settlement Scheme and Employer Toolkit.
  • Given the uncertainty over cross border mobility, employment rights of EU workers and access to seasonal labour, have you planned for additional recruitment and employment costs and identified actions to mitigate these risks?
  • Do you know if your labour force will be impacted by currency volatility or changes to the UK’s immigration rules, which may result in some EU and non-EU nationals being disinclined or unable to work in Northern Ireland after Brexit?
  • Are you building the capacity and capability of your employees to meet any skills gaps and service new customers, products, processes, standards or regulations that may arise as a result of Brexit?

 

Regardless of which Brexit scenario materialises, there are a number of considerations you should be addressing now to lay the groundwork to mitigate risks or seize opportunities arising from Brexit. If you would like to have a discussion about how Brexit could affect your business, call your Invest NI contact or our Business Support Team on 0800 181 4422.

 

  • If the UK leaves the European Union (EU) without a deal, the UK Government is forecasting a reduction in consumer confidence and economic growth. Have you evaluated the risk exposure of your business to Brexit, and identified the mitigating actions you need to put in place?
  • Have you registered your business for an Economic Operator Registration and Identification (EORI) number? HM Revenue and Customs (HMRC) uses this number to identify you and collect duty on your goods, so you need will need this to continue to import or export goods with the European Union (EU).
  • If you transport goods outside of Northern Ireland, have you sought the necessary assurances from your network if there are changes to border control and customs declarations, records and proof of origin documentation, which may negatively impact on your logistics and corresponding timescales?
  • Changes to the EU regulatory regime may mean you have to work across multiple regulatory and licensing frameworks. Have you considered how your business can comply with multiple, separate frameworks, address any additional cost and resource implications, and ensure continued market access?
  • Do you understand what additional costs your business could face as a result of tariff increases, including trading under World Trade Organisation (WTO) rules? The UK Government has published details of UK Trade Tariff Volume 3 for the Customs Handling of Import and Export Freight (CHIEF) system and the Customs Declaration Service and InterTradeIreland Brexit tariff checker
  • If the UK becomes a third country, do you know if there will be any restrictions to pitching for business using public procurement in EU countries, which may impact on your sales forecasts or pipeline?

 

 

  • Have you completed a risk assessment of your supply chain and the reliability of your supplier base against any potential cross border disruption, for example, delays at ports, and taken steps to mitigate any risks? Our Get Ready for Brexit: Strategic Sourcing online tutorial has guidance on how to strengthen your supply chain.
  • Do you understand the impact Brexit will have on your distribution model, for example increased transportation costs at borders, customs administration costs or costs due of supply of goods due to World Trade Organisaiton custom duty tariffs, and limited availability of freight forwarders?
  • Whether you have a complex or just-in-time supply chain, the continuity of your suppliers may be impacted. Are you confident they still meet your business needs given issues such as increased customs administration and transportation costs, meeting additional demands from larger customers, mitigating a potential downturn in the market, or delays to imports from external markets? Or do you need to consider alternative solutions?
  • If your suppliers are facing increased disruption and higher costs, have you sought the necessary assurances that these costs will not be passed on to your business, and that your current quality, volume and quota requirements will not be affected? Or do you need to consider alternatives solutions?

 

 

  • If there is a no-deal Brexit, the principle of mutual recognition will cease. Do you understand what you need to do to comply with regulations on manufactured goods placed on the EU market and manufactured goods placed on the UK market if there is a no-deal Brexit?
  • Have you assessed the impact if your business, currently registered on REACH, the EU regulation for the UK chemicals industry and you will no longer be able to sell into the European Economic Area (EEA) market without transferring your registration to an EEA-based organisation?
  • In a no-deal scenario, products that require third-party testing may need to comply under a new EU-recognised conformity standard. Has your business considered the increased administration, costs and resources associated complying with this new standard? The UK Government has published guidance about using the proposed UKCA marking if the UK leaves the EU without a deal.
  • Will your business face increased administration and compliance costs on existing and future commercial contracts, and have you considered the impact Brexit may have on your legal rights and obligations under these agreements. Our Get Ready for Brexit: Commercial Contracts online tutorial has guidance on how to perform an audit of your existing contracts and assess the effect that Brexit may have.
  • Have you considered how the General Data Protection Regulation (GDPR) will affect your business in the event of a no-deal Brexit and whether you have the necessary contractual agreements in place? Our Get Ready for Brexit: Data Protection online tutorial has guidance on how data transfer in your business will be affected post Brexit.

 

 

  • Have you assessed the impact of currency volatility on your business? You need to understand your risk exposure, the level of exchange rate fluctuation you can sustain, and how to minimise the impact of future adverse currency movements or a long term decline in the value of sterling.
  • If your business is in receipt of EU grant funding, have you assessed how a reduction of removal of this funding will affect your current business model?
  • Have you reviewed your cost base and revenue streams, and assessed how a no-deal Brexit may affect your cashflow and working capital needs? Do you identified how you are going to meet these requirements, or can you optimise your operations to reduce working capital requirements?

 

 

  • Have you reviewed your workforce retention and recruitment needs? Our Get Ready for Brexit: People Movement and Immigration online tutorial have guidance on key actions to take to prepare for Brexit, including details of the EU Settlement Scheme. The UK Government has also published advice regarding the EU Settlement Scheme and Employer Toolkit..
  • Given the uncertainty over cross border mobility and the employment rights of EU workers, have you planned for additional recruitment and employment costs and identified actions to mitigate these risks?
  • Do you know if your labour force will be impacted by currency volatility or changes to the UK’s immigration rules, which may result in some EU and non-EU nationals being disinclined or unable to work in the UK after Brexit?
  • Are you building the capacity and capability of your employees to meet any skills gaps and service new customers, products, processes, standards or regulations that may arise as a result of Brexit?

 

Regardless of which Brexit scenario materialises, there are a number of considerations you should be addressing now to lay the groundwork to mitigate risks or seize opportunities arising from Brexit. If you would like to have a discussion about how Brexit could affect your business, call your Invest NI contact or our Business Support Team on 0800 181 4422.

 

  • If the UK leaves the European Union (EU) without a deal, the UK Government is forecasting a reduction in consumer confidence and economic growth. Have you evaluated the risk exposure of your business to Brexit, and identified the mitigating actions you need to put in place?
  • Have you registered your business for an Economic Operator Registration and Identification (EORI) number? HM Revenue and Customs (HMRC) uses this number to identify you and collect duty on your goods, so you need will need this to continue to import or export goods with the European Union (EU).
  • If you transport goods outside Northern Ireland, have you sought the necessary assurances from your network if there are changes to border control and customs declarations, records and proof of origin documentation, which may negatively impact on your logistics and corresponding timescales?
  • Changes to the EU regulatory regime may mean you have to work across multiple regulatory and licensing frameworks. Have you considered how your business can comply with multiple, separate frameworks, address any additional cost and resource implications, and ensure continued market access?
  • Do you understand what additional costs your business could face as a result of tariff increases, including trading under World Trade Organisation (WTO) rules? The UK Government has published details of UK Trade Tariff Volume 3 for the Customs Handling of Import and Export Freight (CHIEF) system and the Customs Declaration Service and InterTradeIreland Brexit tariff checker.
  • If the UK becomes a third country, do you know if there will be any restrictions to bidding for contracts using public procurement in EU countries, which may impact on your sales forecasts or pipeline?

 

 

  • Have you completed a risk assessment of your supply chain and the reliability of your supplier base against any potential cross border disruption, for example, delays at ports, and taken steps to mitigate any risks? Our >Get Ready for Brexit: Strategic Sourcing online tutorial has guidance on how to strengthen your supply chain.
  • Have you evaluated the readiness of all your subcontractors and whether they have assessed their own risk exposure to Brexit or developed contingency plans for a no-deal?
  • Do you understand the impact Brexit will have on your distribution model, for example increased transportation costs at borders, customs administration costs or costs due of supply of goods due to World Trade Organisation custom duty tariffs, and limited availability of freight forwarders?
  • Whether you have a complex or just-in-time supply chain, the continuity of your suppliers may be impacted. Are you confident they still meet your business needs given issues such as increased customs administration and transportation costs, meeting additional demands from larger customers, mitigating a potential downturn in the market, or delays to imports from external markets? Or do you need to consider alternative solutions?
  • If your suppliers are facing increased disruption and higher costs, have you sought the necessary assurances that these costs will not be passed on to your business, and that your current quality, volume and quota requirements will not be affected? Or do you need to consider alternative solutions?

 

 

  • If there is a no-deal Brexit, the principle of mutual recognition on certain professional qualifications will cease. Do you know if your business and workforce will be affected by this, and what actions you need to take to mitigate for this, if there is a no-deal Brexit? The UK Government has published guidance on how professions and services will be regulated if there is a no-deal Brexit.
  • In a no-deal scenario, products that require third-party testing may need to comply under a new EU-recognised conformity standard. Has your business considered the increased administration, costs and resources associated complying with this new standard? The UK Government has published guidance about using the proposed UKCA marking if the UK leaves the EU without a deal..
  • Will your business face increased administration and compliance costs on existing and future commercial contracts, and have you considered the impact Brexit may have on your legal rights and obligations under these agreements. Our Get Ready for Brexit: Commercial Contracts online tutorial has guidance on how to perform an audit of your existing contracts and assess the effect that Brexit may have.
  • Have you considered how the General Data Protection Regulation (GDPR) will affect your business in the event of a no-deal Brexit and whether you have the necessary contractual agreements in place? Our Get Ready for Brexit: Data Protection online tutorial has guidance on how data transfer in your business will be affected post Brexit.

 

 

  • Have you assessed the impact of currency volatility on your business? You need to understand your risk exposure, the level of exchange rate fluctuation you can sustain, and how to minimise the impact of future adverse currency movements or a long term decline in the value of sterling.
  • If your business is in receipt of EU grant funding, have you assessed how a reduction of removal of this funding will affect your current business model?
  • Have you reviewed your cost base and revenue streams, and assessed how a no-deal Brexit may affect your cashflow and working capital needs? Do you identified how you are going to meet these requirements, or can you optimise your operations to reduce working capital requirements?

 

 

  • Have you reviewed your workforce retention and recruitment needs? Our Get Ready for Brexit: People Movement and Immigration online tutorial have guidance on key actions to take to prepare for Brexit, including details of the EU Settlement Scheme. The UK Government has also published advice regarding the EU Settlement Scheme and Employer Toolkit.
  • Given the uncertainty over cross border mobility and the employment rights of EU workers, have you planned for additional recruitment and employment costs and identified actions to mitigate these risks?
  • Do you know if your labour force will be impacted by currency volatility or changes to the UK’s immigration rules, which may result in some EU and non-EU nationals being disinclined or unable to work in the UK after Brexit?
  • Are you building the capacity and capability of your employees to meet any skills gaps and service new customers, products, processes, standards or regulations that may arise as a result of Brexit?

 

Regardless of which Brexit scenario materialises, there are a number of considerations you should be addressing now to lay the groundwork to mitigate risks or seize opportunities arising from Brexit. If you would like to have a discussion about how Brexit could affect your business, call your Invest NI contact or our Business Support Team on 0800 181 4422.

 

  • If the UK leaves the European Union (EU) without a deal, the UK Government is forecasting a reduction in consumer confidence and economic growth. Have you evaluated the risk exposure of your business to Brexit, and identified the mitigating actions you need to put in place?
  • If the UK leaves the EU without a deal, the International Monetary Fund has suggested that Ireland would also face a decline in productivity, gross domestic product (GDP) and economic growth. Have you evaluated the risk exposure of your business to Brexit, and identified the mitigating actions you need to put in place?
  • Changes to the EU regulatory regime may mean you have to work across multiple regulatory and licensing frameworks. Have you considered how your business can comply with multiple, separate frameworks, address any additional cost and resource implications, and ensure continued market access?
  • If the UK becomes a third country, do you know if there will be any restrictions to bidding for contracts using public procurement in EU countries, which may impact on your sales forecasts or pipeline?
  • As part of your scenario planning, have you reviewed your customer base or identified any potential changes to your target markets or suite of services, in the event of a no-deal Brexit?

 

 

  • Have you evaluated the readiness of all your subcontractors and suppliers, and whether they have assessed their own risk exposure to Brexit or developed contingency plans for a no-deal?
  • If your suppliers are facing increased disruption and higher costs, have you sought the necessary assurances that these costs will not be passed on to your business. Or do you need to consider alternative solutions?

 

 

  • If there is a no-deal Brexit, the principle of mutual recognition on certain professional qualifications will cease. Do you know if your business and workforce will be affected by this, and what actions you need to take to mitigate for this, if there is a no-deal Brexit? The UK Government has published guidance on how professions and services will be regulated if there is a no-deal Brexit.
  • Have you considered how the General Data Protection Regulation (GDPR) will affect your business in the event of a no-deal Brexit and whether you have the necessary contractual agreements in place? Our Get Ready for Brexit: Data Protection online tutorial has guidance on how data transfer in your business will be affected post Brexit.
  • Will your business face increased administration and compliance costs on existing and future commercial contracts, and have you considered the impact Brexit may have on your legal rights and obligations under these agreements. Get Ready for Brexit: Commercial Contracts online tutorial has guidance on how to perform an audit of your existing contracts and assess the effect that Brexit may have.
  • In the event of a no-deal Brexit, any UK-EU contract spanning Brexit or serviced post-Brexit may be harder to enforce in the event of a dispute. Have you reviewed your existing contracts for territorial arrangements, and where appropriate, identified mitigating actions?
  • The EU passporting system for banks and financial services organisations will end in the event of a no-deal, which means if you operate in financial services, you will may be unable to serve EU customers. Have you considered the impact this could have on your business?

 

 

  • Have you assessed the impact of currency volatility on your business? You need to understand your risk exposure, the level of exchange rate fluctuation you can sustain, and how to minimise the impact of future adverse currency movements or a long term decline in the value of sterling.
  • If your business is in receipt of EU grant funding, have you assessed how a reduction of removal of this funding will affect your current business model?
  • If the UK becomes a third country, do you know if there will be any restrictions to bidding for contracts using public procurement in EU countries, which may impact on your sales forecasts or pipeline?

 

 

  • Have you reviewed your workforce retention and recruitment needs? Our Get Ready for Brexit: People Movement and Immigration online tutorial have guidance on key actions to take to prepare for Brexit, including details of the EU Settlement Scheme. The UK Government has also published advice regarding the EU Settlement Scheme and Employer Toolkit.
  • Given the uncertainty over cross border mobility and the employment rights of EU workers, have you planned for additional recruitment and employment costs and identified actions to mitigate these risks?
  • Do you know if your labour force will be impacted by currency volatility or changes to the UK’s immigration rules, which may result in some EU and non-EU nationals being disinclined or unable to work in the UK after Brexit?
  • Are you building the capacity and capability of your employees to meet any skills gaps and service new customers, services, processes, standards or regulations that may arise as a result of Brexit?

 

Regardless of which Brexit scenario materialises, there are a number of considerations you should be addressing now to lay the groundwork to mitigate risks or seize opportunities arising from Brexit. If you would like to have a discussion about how Brexit could affect your business, call your Invest NI contact or our Business Support Team on 0800 181 4422.

 

  • If the UK leaves the European Union (EU) without a deal, the UK Government is forecasting a reduction in consumer confidence and economic growth. Have you evaluated the risk exposure of your business to Brexit, and identified the mitigating actions you need to put in place?
  • Do you have any EU contracts currently serviced by employees or contractors in Northern Ireland? In the event of a no-deal Brexit, there may be additional visa requirements or travel time restrictions that you will need to factor into your business model in the short to medium term.
  • Changes to the EU regulatory regime may mean you have to work across multiple regulatory and licensing frameworks. Have you considered how your business can comply with multiple, separate frameworks, address any additional cost and resource implications, and ensure continued market access?
  • If the UK becomes a third country, do you know if there will be any restrictions to bidding for contracts using public procurement in EU countries, which may impact on your sales forecasts or pipeline?
  • As part of your scenario planning, have you reviewed your customer base or identified any potential changes to your target markets or suite of services, in the event of a no-deal Brexit?

 

 

  • Have you evaluated the readiness of all your subcontractors and suppliers, and whether they have assessed their own risk exposure to Brexit or developed contingency plans for a no-deal?
  • If your suppliers are facing increased disruption and higher costs, have you sought the necessary assurances that these costs will not be passed on to your business. Or do you need to consider alternative solutions?

 

 

  • If there is a no-deal Brexit, the principle of mutual recognition on certain professional qualifications will cease. Do you know if your business and workforce will be affected by this, and what actions you need to take to mitigate for this, if there is a no-deal Brexit? The UK Government has published guidance on how professions and services will be regulated if there is a no-deal Brexit.
  • Have you considered how the General Data Protection Regulation (GDPR) will affect your business in the event of a no-deal Brexit and whether you have the necessary contractual agreements in place? Our Get Ready for Brexit: Data Protection online tutorial has guidance on how data transfer in your business will be affected post Brexit.
  • Will your business face increased administration and compliance costs on existing and future commercial contracts, and have you considered the impact Brexit may have on your legal rights and obligations under these agreements. Our Get Ready for Brexit: Commercial Contracts online tutorial has guidance on how to perform an audit of your existing contracts and assess the effect that Brexit may have.
  • Have you assessed whether potential changes in UK-EU trade mark protections will affect your copyright protections in the event of a no-deal, or a transition period and an EU-UK trade agreement?
  • In the event of a no-deal Brexit, any UK-EU contract spanning Brexit or serviced post-Brexit may be harder to enforce in the event of a dispute. Have you reviewed your existing contracts for territorial arrangements, and where appropriate, identified mitigating actions?

 

 

  • Have you assessed the impact of currency volatility on your business? You need to understand your risk exposure, the level of exchange rate fluctuation you can sustain, and how to minimise the impact of future adverse currency movements, or a long term decline in the value of sterling.
  • If your business is in receipt of EU grant funding, have you assessed how a reduction of removal of this funding will affect your current business model?
  • If the UK becomes a third country, do you know if there will be any restrictions to bidding for contracts using public procurement in EU countries, which may impact on your sales forecasts or pipeline?

 

 

  • Have you reviewed your workforce retention and recruitment needs? Our Get Ready for Brexit: People Movement and Immigration online tutorial have guidance on key actions to take to prepare for Brexit, including details of the EU Settlement Scheme. The UK Government has also published advice regarding the EU Settlement Scheme and Employer Toolkit.
  • Given the uncertainty over cross border mobility and the employment rights of EU workers, have you planned for additional recruitment and employment costs and identified actions to mitigate these risks?
  • Do you know if your labour force will be impacted by currency volatility or changes to the UK’s immigration rules, which may result in some EU and non-EU nationals being disinclined or unable to work in the UK after Brexit?
  • Are you building the capacity and capability of your employees to meet any skills gaps and service new customers, services, processes, standards or regulations that may arise as a result of Brexit?

 

 

  • If the UK leaves the European Union (EU) without a deal, the UK Government is forecasting a reduction in consumer confidence and economic growth. Have you evaluated the risk exposure of your business to Brexit, and identified the mitigating actions you need to put in place?
  • If the UK leaves the EU without a deal, the International Monetary Fund has suggested that Ireland would also face a decline in productivity, gross domestic product (GDP) and economic growth. Have you evaluated the risk exposure of your business to Brexit, and identified the mitigating actions you need to put in place?
  • Have you reviewed the impact on your business due to delays, additional procedural cost, customs declarations and additional record keeping requirements, as a result of Brexit?
  • Have you reviewed the impact on your business if delays at borders result in a reduction to the number of EU tourists to Northern Ireland due to perceived or real ‘hassle’ factors?

 

 

  • Have you evaluated the readiness of all your subcontractors and suppliers, and whether they have assessed their own risk exposure to Brexit or developed contingency plans for a no-deal?
  • If your suppliers are facing increased disruption and higher costs, have you sought the necessary assurances that these costs will not be passed on to your business. Or do you need to consider alternative solutions?

 

 

  • Have you considered how the General Data Protection Regulation (GDPR) will affect your business in the event of a no-deal Brexit and whether you have the necessary contractual agreements in place? Our Get Ready for Brexit: Data Protection online tutorial has guidance on how data transfer in your business will be affected post Brexit.
  • In the event of a no-deal Brexit, any UK-EU contract spanning Brexit or serviced post-Brexit may be harder to enforce in the event of a dispute. Have you reviewed your existing contracts for territorial arrangements, and where appropriate, identified mitigating actions?
  • Will your business face increased administration and compliance costs on existing and future commercial contracts, and have you considered the impact Brexit may have on your legal rights and obligations under these agreements. Our Get Ready for Brexit: Commercial Contracts online tutorial has guidance on how to perform an audit of your existing contracts and assess the effect that Brexit may have.

 

 

  • Have you assessed the impact of currency volatility on your business? You need to understand your risk exposure, the level of exchange rate fluctuation you can sustain, and how to minimise the impact of future adverse currency movements or a long term decline in the value of sterling.
  • If your business is in receipt of EU grant funding, have you assessed how a reduction of removal of this funding will affect your current business model?
  • Given the current uncertainty and increasing probability of a no-deal scenario, financial institutions may begin to tighten the provision of external financing. Have you assessed how this could affect your current business model?

 

 

  • Have you reviewed your workforce retention and recruitment needs? Our Get Ready for Brexit: People Movement and Immigration online tutorial have guidance on key actions to take to prepare for Brexit, including details of the EU Settlement Scheme. The UK government has also published advice regarding the EU Settlement Scheme and Employer Toolkit.
  • Given the uncertainty over cross border mobility and the employment rights of EU workers, have you planned for additional recruitment and employment costs and identified actions to mitigate these risks?
  • Do you know if your labour force will be impacted by currency volatility or changes to the UK’s immigration rules, which may result in some EU and non-EU nationals being disinclined or unable to work in the UK after Brexit?
  • Are you building the capacity and capability of your employees to meet any skills gaps and service new customers, services, processes, standards or regulations that may arise as a result of Brexit?

 

 

  • If the UK leaves the European Union (EU) without a deal, the UK Government is forecasting a reduction in consumer confidence and economic growth. Have you evaluated the risk exposure of your business to Brexit, and identified the mitigating actions you need to put in place?
  • Have you reviewed your ability to service your customer base? For example, can you increase your sales to customers in Great Britain or expand into new markets outside the EU? Or have you considered market access following the loss of free trade agreements with the European Union (EU), and the potential opportunities from UK trade agreements with non-EU countries in a no-deal Brexit?
  • Changes to the EU regulatory regime may mean you have to work across multiple regulatory and licensing frameworks. Have you considered how your business can comply with multiple, separate frameworks and address any additional cost and resource implications?
  • If you transport goods outside Northern Ireland, have you sought the necessary assurances from your network if there are changes to border control and customs declarations, records and proof of origin documentation, which may negatively impact on your logistics and corresponding timescales?
  • If the UK becomes a third country, do you know if there will be any restrictions to pitching for business using public procurement in EU countries, which may impact on your sales forecasts or pipeline?

 

 

  • Have you completed a risk assessment of your supply chain and the reliability of your supplier base against any potential cross border disruption, for example, delays at ports, and taken steps to mitigate any risks? Our Get Ready for Brexit: Strategic Sourcing online tutorial has guidance on how to strengthen your supply chain.
  • Have you evaluated the readiness of all your subcontractors and suppliers, and whether they have assessed their own risk exposure to Brexit or developed contingency plans for a no-deal?
  • Do you understand the impact Brexit will have on your distribution model, for example increased transportation costs at borders, customs administration costs or costs due of supply of goods due to WTO custom duty tariffs, and limited availability of freight forwarders?
  • Whether you have a complex or just-in-time supply chain, the continuity of your suppliers may be impacted. Are you confident they still meet your business needs given issues such as increased customs administration and transportation costs, meeting additional demands from larger customers, mitigating a potential downturn in the market, or delays to imports from external markets? Or do you need to consider alternative solutions?
  • If your suppliers are facing increased disruption and higher costs, have you sought the necessary assurances that these costs will not be passed on to your business. Or do you need to consider alternative solutions?

 

 

  • If there is a no-deal Brexit, the principle of mutual recognition will cease. Do you know if your business and workforce will be affected by this, and what actions you need to take to mitigate for this, if there is a no-deal Brexit? The UK Government has also published advice regarding the EU Settlement Scheme and Employer Toolkit.
  • Given the potential changes to the EU life sciences regulatory landscape, is your business monitoring developments, evaluating the impact of new regulations and adopting a proactive approach to managing regulatory change?
  • Have you considered how the General Data Protection Regulation (GDPR) will affect your business in the event of a no-deal Brexit and whether you have the necessary contractual agreements in place? Our Get Ready for Brexit: Data Protection online tutorial has guidance on how data transfer in your business will be affected post Brexit.
  • Have you assessed whether potential changes in UK-EU trade mark protections will affect your copyright protections in the event of a no-deal, or a transition period and an EU-UK trade agreement?
  • Will your business face increased administration and compliance costs on existing and future commercial contracts, and have you considered the impact Brexit may have on your legal rights and obligations under these agreements. Our Get Ready for Brexit: Commercial Contracts online tutorial has guidance on how to perform an audit of your existing contracts and assess the effect that Brexit may have.
  • In the event of a no-deal Brexit, any UK-EU contract spanning Brexit or serviced post-Brexit may be harder to enforce in the event of a dispute. Have you reviewed your existing contracts for territorial arrangements, and where appropriate, identified mitigating actions?

 

 

  • Have you assessed the impact of currency volatility on your business? You need to understand your risk exposure, the level of exchange rate fluctuation you can sustain, and how to minimise the impact of future adverse currency movements, or a long term decline in the value of sterling.
  • If your business is in receipt of EU grant funding, have you assessed how a reduction of removal of this funding will affect your current business model?
  • Given the current uncertainty and increasing probability of a no-deal scenario, financial institutions may begin to tighten the provision of external financing. Have you assessed how this could affect your current business model?

 

 

  • Have you reviewed your workforce retention and recruitment needs? Our Get Ready for Brexit: People Movement and Immigration online tutorial have guidance on key actions to take to prepare for Brexit, including details of the EU Settlement Scheme. The UK government has also published advice regarding the EU Settlement Scheme and Employer Toolkit.
  • Given the uncertainty over cross border mobility and the employment rights of EU workers, have you planned for additional recruitment and employment costs and identified actions to mitigate these risks?
  • Do you know if your labour force will be impacted by currency volatility or changes to the UK’s immigration rules, which may result in some EU and non-EU nationals being disinclined or unable to work in the UK after Brexit?
  • Are you building the capacity and capability of your employees to meet any skills gaps and address new customers, services, processes, standards or regulations that may arise as a result of Brexit?