What impact has Brexit had on British exporters?

world-map-1577937Roger Isaacs, a partner at Milsted Langdon LLP, recently reported that June’s Brexit vote has already had a noticeable impact on British exporters while making it clear they still have time to forge trading partnerships beyond the EU before Britain leaves the single market.

His comments came after a recent a recent PwC survey of 566 SMEs revealed that they want the UK government to negotiate EU market access and trade deals with non-EU countries as a priority in the forthcoming withdrawal discussions with Brussels.

Roger Isaacs said: “As many predicted, it will not be until next year that negotiations on the terms of Britain’s exit from the EU will even begin and until the UK leaves, it will remain bound by EU rules.

“For that reason, it will be a considerable time before any substantive trading partnerships can be forged with non-EU countries.

Reviewing the UK’s export performance since the EU Referendum, Roger added: “There is no doubt that the weak pound has been a huge boost to British exporters, although those that rely on buying  raw materials from abroad benefit to a lesser degree because the sterling cost of their imported supplies will have risen.”

He also noted the pull of the post-Brexit weak pound for overseas commercial speculators: “Another immediate effect of Brexit we have noticed is an increased appetite by non-UK investors to buy British businesses that now look like a bargain if priced in sterling.”