Since Brexit, analysis has shown that the European Union (EU) will remain the most important marketplace for UK businesses, and the general trend towards regulatory compliance at international level will continue.
Trade industries and businesses have focused on the stability of the UK financial sector. UK businesses are confident they will remain open to the world, and continue to invest in international markets to ensure long-lasting relationships with EU members.
In a new report, the Chamber of Commerce (ICC) and the Confederation of British Industry (CBI) have set out clear strategies for businesses looking ahead to the next two to three years. Their detailed analysis is aimed at providing clarity around EU trade regulations, with a timeframe of all the upcoming negotiations, and provides practical, independent advice and insights from foreign investors and expert trade negotiators.
“A stable UK-EU relationship is a global economic priority,” says Chris Southworth, secretary general of ICC United Kingdom. “A lot is at stake in terms of jobs, investment and standards of living, so it is important that businesses of all sizes feel properly informed to make the right decisions at the right time.
“Given the size and complexity of coming negotiations, transitional arrangements are crucial should timeframes overrun – giving businesses confidence to plan ahead without fearing sudden increases in cost or unnecessary red tape.”
The UK cannot conclude new trade agreements until it leaves the EU, adds Richard Elgin, senior trade policy analyst in the Geneva office of law firm White and Case LLP. In the report, he gives insight into how the UK can make progress informally with its trading partners by pointing out new preferential trade arrangements while Brexit negotiations remain.
The report also investigates key considerations for the future of UK trading:
- Market fluctuations to protect companies against any volatility in the market.
- Regulations and changes for businesses trading with non-EU countries.
- Supply chains that will effectively bring change to traffics, custom procedures and regulation to products and services.
“As the UK looks to forge a new future with our European partners, firms of all sizes are keen to understand the opportunities, and risks, this new landscape presents both for trade within and outside Europe,” says Paul Drechsler CBE, CBI president.
Firms should be prepared to negotiate trade deals and discuss opportunities available to the UK government, as well as the legal realities that bind the UK with international rules and businesses.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.
Kicking off day two of the Singapore Fintech Festival, Deloitte Chairman David Cruikshank said that fintech is significant for three reasons. First, customer expectations of services are higher than ever. Second, barriers to entry are lower than before. And finally, financial institutions (FIs) face a threat of what a competitor might do.
The EU and US’ shift in accounting standards may bring balance sheet losses and increase credit risk, according to James Elder, director of risk services at Standard & Poor’s (S&P) Global.
Technology will drive the innovation in banking: Damian Richardson, head of payments strategy & innovation at NatWest
At this year's Sibos conference in Toronto, digital finance reporter, Alara Basul, sat down with Damian Richardson, head of payments strategy and innovation at NatWest to discuss how technology is driving innovation in banking.