Get an expert view on our post-Brexit future at Love Business 2020
Added by Love Business East Midlands | 31 January 2020
UPDATED: 4 February 2020
Whatever your view on Brexit, whether you are Leave or Remain, it's happening, today.
The UK's exit from the EU represents a seismic shift for the country as a whole, with some looking at is as a brave new world and others claiming the end was nigh. The reality, as always, probably lies somewhere in the middle.
After a prolonged trading period dogged by uncertainty and political inertia, it’s no surprise that the region’s economic performance was underwhelming in 2019. But, with a majority Government now in place and Brexit finally being put to bed, can businesses afford to look ahead with confidence?
Uncertainty became a watchword which has dogged the UK’s economy ever since the results of the EU Referendum became clear. The county and the economy have been in a perpetual state of inertia ever since.
The impact on the economy has been stark.
Like everywhere, businesses in Derbyshire, Nottinghamshire and Leicestershire were not immune.
Our businesses, as they always do, simply knuckled down and got on with things as best they could, in spite of the political uncertainty surrounding Brexit and turbulence in the global economy.
Despite not having the luxury of clarity to base their decisions on, they kept things ticking over to ensure that while it might not have been motoring ahead, the regional economy was still moving forwards.
2019 was perhaps emblematic of the general malaise shown in the wider economy, despite the best efforts of business to keep calm and carry on.
The performance of the economy throughout 2019 was again underwhelming, characterised largely by the UK’s ever-changing but never-realised departure from the EU, which had a material impact on the decisions being taken by customers and business owners alike.
It meant that businesses in our region ended the year pretty much as they had started it, unclear on the direction of travel in terms of business policy and Brexit.
However, Q4 2019 delivered reasons for optimism ahead of a year that, on the face of it, should offer a more stable and certain business climate.
Following a poor Q3, sales activity improved towards the end of the year, while cash flow recovered, returning to positive territory.
Encouragingly, there were also tentative signs of positive investment intentions, as the contraction of Q3 gave way to a more positive picture of businesses looking to invest heading into 2020.
Businesses should now be able to count on a more stable, certain year in which to plan – although it’s just the first step on a long road ahead.
Challenges undoubtedly still remain, but it will be interesting to see how a more stable political climate will play out in 2020.
There are strong messages coming out of Downing Street around the need to “level-up” and support the regions of the country – like the East Midlands – that have previously not benefited as strongly from Government investment and focus.
A clear future trading relationship with the EU is also crucial to many firms’ future investment and growth prospects. Unless a comprehensive UK-EU trade agreement is in place by the end of the year, businesses could once again face a cliff-edge – and the seismic changes to trading conditions equivalent to a no-deal Brexit.
We also need to see both the political will and the investment to finally bring about the fully integrated and modern infrastructure network this country has needed for so long.
There are basic building blocks of economic success that have been ignored or misunderstood by successive governments, which the current incumbent has the opportunity to fix.
As the curtain falls on this unprecedented act in the UK’s history, restoring business, investor and consumer confidence to fire-up the economy must be the Government’s top priority.
Book your free place at Love Business 2020 now to gain expert insight into the state of the economy
One of the highlights of our action-packed line-up of speakers and presentations on the day is a panel discussion, in which senior business leaders and politicians from across the region will come together for a Question Time-style Q+A on what the future holds for Derbyshire, Nottinghamshire and Leicestershire post-Brexit.
We're currently putting the finishing touches to the panel, so watch this space for an announcement soon about who will be joining us on the day.
Andrew Bridgen MP will also give an insider's view of the goings on at Westminster, during a keynote speech at 11.50am.
It's an important debate, don't miss your chance to contribute. Book your free delegate day pass now and we look forward to seeing you on the day, for what's set to be another great Love Business event.
Image credit CC.BY.2.0, Banksy does Brexit, by Dunk
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