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Brexit might not be the best for business, but it’s not all doom and gloom

Following the shock outcome of the EU referendum last week, directors at Accountancy and HR recruitment firm Wade Macdonald are remaining positive of the future for the UK.

Wade Macdonald MD Dominic Wade said: “We have been left with a constitutional conundrum. The decision has created a great deal of uncertainty and it will take time to get some clarity on where we stand. This lack of clarity is unhelpful to the business community.

“We have been in a period of growth since the economy got back on its feet and then to destabilise it in such a way was perhaps not the wisest choice for the UK. I think in time, however, when we get greater clarity and the UK knows where it is going regarding trading partnerships etc then stability will return.”

Dominic continued by saying that until Article 50 of the Lisbon treaty was evoked then the Brexit induced period of uncertainty and nervousness, hiring freezes, redundancies and overall turmoil within commerce and industry would continue.

Article 50 sets out how a member country might leave the EU. It states that: “Any member state may decide to withdraw from the union in accordance with its own constitutional requirements.”

A country leaving the EU is expected to notify the European Council of its intention, negotiate a deal on its withdrawal and establish legal grounds for a future relationship with the EU. This agreement needs a qualified majority of member states and consent of the European Parliament.

Dominic added that on the plus side of a Brexit the UK would reap the benefits of being away from the bureaucracy of the EU. He hoped that the move would encourage the EU to rethink how they operated with the remaining 27 Member States.

However, he said: “We live in a global economy and so to take a step towards possible isolationism was maybe unwise. If the EU shuts down the UK’s preferential status we will almost certainly see jobs move from the UK to mainland Europe which will impact the rates of employment and redundancy in the UK, particularly in Financial Services.

“However, until Article 50 has been evoked, there will be no clear definition of what Europe wants to do and what concessions we may be able to negotiate. I am positive that both the EU and the UK have the political and economic will to reach an agreement that will mean as little upheaval as possible.”