Cambridge businesses must use coming months to assess impact on trade, people and regulation


27-06-2016

Nick Gomer, EY’s managing partner in Cambridge, discusses the implications of the EU Referendum vote

 

Nick Gomer writes:

“We are now entering uncharted territory after the majority of UK voters chose to leave the European Union (EU) yesterday. It’s the first time a member state has left the union, and this means that the consequences are almost impossible to predict.

“Above all else, it is vital that the message that the UK is open for business should not change. EY’s latest research on foreign direct investment (FDI) reveals that the UK continued to be the most attractive location for FDI in Europe last year. 2015 was also a record year for the East of England, with 40% growth in the number of projects. Businesses will need to work alongside the Government to ensure that this remains the case and to give the UK every opportunity to prosper in the future.

“The UK will also have the opportunity to make new trade deals so it is important that key trading partners are quickly identified and negotiations accelerated. Businesses across the region must use the next few months to assess their position in terms of trade, their people and regulation.

“One thing is certain: Brexit will result in a number of large-scale changes for UK plc – in areas such as trade, employment, regulation and Government policy. Few changes are likely to happen overnight. As a result, businesses now have a prime opportunity to take proactive steps to prepare for the challenges and opportunities that lie ahead.”

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EY is a global leader in assurance, tax, transaction and advisory services. With over 400 employees in our Cambridge and Luton offices, our teams provide a range of services to a variety of sectors, including manufacturing, life sciences, consumer products and retail, technology, real estate and construction, health, and the public sector. The broad array of companies across the East allows us to bring real, relevant and key insights to our clients.

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