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Brexit For Dummies

Brexit For Dummies

by Nicholas Wallwork


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Your practical and fearless guide to surviving the world’s biggest break-up

Whether you’re a staunch Remainer, a buccaneering Brexiteer, or are wavering between the two camps, you’ll want to be fully au fait with all the issues surrounding Britain’s exit from the EU—wherever in the world you and your business are based. This book, by leading businessman and entrepreneur Nicholas Wallwork, will arm you with everything you need to negotiate the post-Brexit landscape and end up just where you need to be.

Kicking off with the history behind the tightly fought June 23 referendum, Brexit for Dummies covers the origins of British Euroscepticism right up to the most recent legal and policy changes in place following the vote. As well as looking at the influence Brexit has already had—both domestically and internationally—the book takes a glimpse at what lies ahead, giving you vital insights into how to protect your business right now and to capitalize on new opportunities in the future.

  • Changing customs: how to negotiate the new import-export rules
  • Think global: how is Brexit influencing the international economy?
  • Get moving: what do immigration policy changes mean for my business?
  • Buy or sell?: make the smartest foreign investment decisions both inside and outside Britain

Love it or loathe it, Brexit has profound implications for your business, and this guide will help you stop worrying and prove that au revoir doesn’t mean goodbye for good.

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Product Details

ISBN-13: 9781119601227
Publisher: Wiley
Publication date: 07/11/2019
Series: For Dummies Books
Pages: 208
Product dimensions: 7.20(w) x 9.10(h) x 0.50(d)

About the Author

Nicholas Wallwork is a leading international real estate market commentator, entrepreneur, business leader, investor, developer, and author. In addition to heading several real estate and investment companies, he wrote Investing in International Real Estate For Dummies and has produced and presented real estate TV shows on the UK's Sky TV.

Table of Contents

Introduction 1

About This Book 1

Foolish Assumptions 3

Icons Used in This Book 3

Beyond This Book 4

Where to Go from Here 4

Part 1 Getting Familiar with Brexit 5

Chapter 1 What is Brexit and What Does It Mean for You? 7

The Votes Are In, But How Did We Get Here? 8

Looking at the 2016 results in more detail 8

Understanding the UK's complex relationship with Europe 9

Breaking Down the Brexit Timeline 11

Looking at the Key Elements of the Brexit Negotiations 13

Deal or No Deal? Brexit Goes Down to the Wire 15

How Businesses Reacted to the Brexit Decision 17

Assessing the Potential Impact of Brexit on Your Business 19

Trading across borders 19

Dealing with logistics challenges 20

Managing the impact on employees and access to labor 20

Looking at other considerations 21

Planning for the impact on your business 22

Looking to life after Brexit 22

Chapter 2 The Road to Brexit: The UK's Rocky Relationship with the EU 23

From Empire to the Aftermath of World War II 24

The end of an empire 25

Keeping Europe at arm's length 25

Flares and Friends: The UK and Europe Cozy Up in the 1970s 27

Officially joining the club 27

Looking for greater influence in Europe 28

Things (Start To) Fall Apart: The UK and Europe in the 1980s and Early 1990s 30

Alarm bells start ringing in the 1980s 30

Black Wednesday 30

The Maastricht Treaty 31

The increasing transfer of power 32

Rising Euroscepticism from the 1990s Onward 32

Right, Lads, Let's Have a Vote 33

Drawing the Battle Lines: Looking at the Key Issues in the Brexit Referendum 34

Britain's financial contributions to the EU 34

Immigration and free movement of people 36

The tricky issue of trade 37

UK sovereignty 38

Divided kingdom? How the referendum results played out across the UK 38

Meanwhile, what did the EU make of all this? 39

Part 2 Breaking Up is Hard to Do 41

Chapter 3 Negotiating the UK's Exit from the EU 43

Understanding the Scope of the Withdrawal Agreement 44

The A-Team? Introducing Each Side's Negotiating Team 45

On the UK team 45

On the EU team 46

Exploring the Draft Withdrawal Agreement 47

It's going to cost how much? 47

Transitioning smoothly with the "transition period" 48

Abiding by EU laws 49

Formalizing citizens' rights 50

Why hasn't anything been agreed on trade yet? 52

Northern Ireland and the tricky issue of the "backstop" 53

Getting Parliamentary Agreement on the, er, Agreement 56

Voting on the withdrawal deal: Round 1 56

Voting on the withdrawal deal: Round 2 57

More votes, and Brexit is delayed (for the first time) 58

Voting on the withdrawal deal: Round 3 59

Brexit is delayed … again 60

So, what happens next? 60

Chapter 4 Everybody Needs Good Neighbors: Looking at Long-Term UK-EU Relations 63

Understanding the Declaration on Future Relations and How It Differs from the Withdrawal Agreement 64

Trading in Goods and Services in the Future 65

Looking at the UK's potential trading relationship with the EU 66

Considering whether the UK can just trade with the EU under World Trade Organization rules 67

Seeing what will happen with trading in financial services 67

Looking at UK trade with the rest of the world 68

Building Regulatory Cooperation between the UK and the EU 69

Solving the Thorny Issue of Customs Arrangements 70

Aiming for tariff-free trade with Europe 70

Knowing what will happen to VAT on goods from the EU 71

Considering What "No More Free Movement" Will Mean in Practice 71

Forming the Basis for Formal Post-Brexit Negotiations 72

Preparing for a potentially bumpy road ahead 73

Looking at some of the factors that may impact negotiations and future relations 73

Part 3 Getting Down to Business: The Impact of Brexit on UK Companies 75

Chapter 5 Importing and Exporting Goods and Services between the UK and the EU 77

Looking at UK Trade around the World 78

Understanding Big-Picture Importing and Exporting Issues 80

Negotiating future trading relationships 81

The impact of deal or no deal 81

Stripping back the hype on tariffs 82

Will UK Businesses Lose Access to the Single Market? 83

Whatever happens, trade will continue 83

The importance of EU markets to UK businesses 84

The importance of the UK market to EU businesses 84

Planning for Changes in UK-EU Imports and Exports 85

Factoring in potential new tariffs 85

Coping with more paperwork and higher costs 86

Understanding the impact on import VAT and customs duties 88

And What About Services? 89

Going Further Afield: Trading With Customers outside of the EU 90

Chapter 6 Tackling Transport and Logistics Challenges 93

Looking at Big-Picture Logistics Issues 95

Coping with a massive shortage of drivers 95

Maintaining access to workers in the logistics sector 96

Rising demand for warehousing 97

Spotting the opportunities for the UK logistics sector 98

Preparing for More Stringent Border Controls 98

Assessing the timeline for change 98

Being ready for increased border checks 99

Factoring in potential delays at the border and en route 99

What about goods crossing the land border between Northern Ireland and the Republic of Ireland? 101

What Happens When Your Delivery Vehicles Travel in Europe? 102

Planning for Potential Supply Chain Disruption 104

Coping with higher transport and storage costs 104

Being ready for potential delays 105

Communicating with your logistics suppliers 105

Transporting Goods to and from Non-EU Countries 106

Chapter 7 Employing EU Citizens in the UK (And Vice Versa) 107

Looking at the Big Picture: How Will Brexit Affect Employment Law? 108

Sticking with the EU on most areas 108

Where might the UK disagree with EU law? 109

So British workers might end up with fewer protections? 109

Managing the Impact on Your Existing European Employees 110

Recognizing the contribution of EU citizens to the UK economy 110

Making sure employees secure "settled status" in the UK 111

Supporting All Your Employees through Uncertain Times 112

Considering the effect of disruption on the workforce 112

Taking practical steps to engage and retain your employees 114

Making Sure You Have Ongoing Access to the Labor You Need 116

Understanding immigration changes after Brexit 116

Looking at wider trends in access to labor 117

Employing UK Citizens in Europe 118

What happens to Brits already living and working abroad? 118

What happens to Brits who want to move to Europe in the future? 119

Understanding the broader disadvantage for British workers 119

What if Your (UK Citizen) Employees Need to Visit Europe on a Business Trip? 120

Chapter 8 Eyeing Other Key Business Considerations 121

Preparing for Changes for European Branches and Subsidiaries 122

Looking at big-picture risk factors for companies with overseas branches and subsidiaries 123

Assessing the impact on EU businesses owned by UK companies/citizens (and vice versa) 123

Deciding whether to set up an EU subsidiary 125

Safeguarding Your Intellectual Property: Copyright, Trademarks, Designs, and Patents 125

Looking at the bigger-picture intellectual property issues 126

Taking action to protect your intellectual property 127

Continuing to Comply with Environmental Standards 127

Maintaining Product Safety Standards 129

Looking at the big picture for safety standards 129

Considering the CE safety stamp on products 129

Keeping Up with Other Legal and Regulatory Changes 131

What to Do If You Have a .eu Domain Name for Your Company Website 132

GDPR and Managing the Personal Data of EU Citizens 133

Recognizing that GDPR is enshrined in UK law 133

Transferring data between the UK and the EU 134

Reviewing Your Business Contracts 135

Chapter 9 Carrying Out a Brexit Impact Assessment for Your Business 137

Assessing the Impact on Your Workforce 138

Employing EU nationals in the UK 138

Maintaining access to labor 139

Sending UK citizen employees to the EU 140

Other employment-related issues 140

Considering the Impact on Trade and Logistics 141

General trade barriers and opportunities 141

Importing and exporting goods 142

Potential supply chain disruption 143

Looking at the Money Side of Things 144

VAT, accounting, costs, and cash flow 145

Grants and funding 146

Currency issues 146

Bringing Standards, Licensing, and Qualifications Up to Date 146

Professional qualifications and licensing 147

Operating and product standards 147

Environmental standards 147

Assessing IT and Data implications 148

Covering Miscellaneous Considerations 148

Making Sure You Have a Contingency Plan 149

Part 4 The Part of Tens 151

Chapter 10 Ten (Or So) Ways to Protect Your Business against Brexit Uncertainty 153

Doing a Brexit Impact Assessment 154

Working with a "Dream Team" of Experts 154

Staying in the Loop on Brexit Developments 155

Engaging with Government Support and Business Resources 156

Keeping Your Foot On the Gas 156

Diversifying and Creating Multiple Streams of Income 157

Keeping Staff Engaged and Motivated 158

Communicating with Your Customers 159

Communicating with Your Suppliers 159

Chapter 11 Ten (Or So) Business Opportunities for a Post-Brexit World 161

Exploring New Markets Beyond the EU 162

Growing Domestic Demand for Products and Services 162

Capitalizing on Reduced Regulation 163

Solving Your Customers' Brexit-Related Problems 163

Building Your Personal Reputation as a Leader in Your Industry 164

Automating Business Processes 165

Seeking Investment from Overseas Investors 166

Picking Up Business from Companies That Have Left the UK 167

Capitalizing on Homegrown Support for British Businesses 167

Chapter 12 Ten Brexit Developments to Keep an Eye On 169

The Transition Period 170

Trade Negotiations with the EU and Beyond 170

The Irish Border 172

Scottish Independence 172

Repatriation of UK/EU Laws to Westminster and Devolved Parliaments 173

Will Companies Pull Out of the UK? 173

The Changing Political Landscape in Britain 174

Workforce Pressures Affecting the Public and Private Sectors 175

The Impact on Currency and Financial Markets 175

Accessing Helpful Resources to Help You Stay Up to Date 176

Index 177

Customer Reviews