A checklist: what can businesses do to prepare for a Brexit?

Posted on July 30, 2016

What can you do to prepare for a Brexit?

Keep tuned in to what the government is doing to leave the EU – and what effect their decisions might have.
Talk to your staff – particularly if they are non-UK residents. Theresa May has sought to give reassurance that workers’ freedom of movement will remain (subject to securing the rights of British citizens living across the EU) but employees are bound to feel uncertain about the future.
Review your staff requirements for the next 2 or 3 years. If you think you are going to need skilled labour, think about how you will recruit those employees.
If necessary, prepare contingency plans for filling skills shortages. Who will do what if you are not able to employ EU workers? How will you fill the jobs? What if limited labour supply causes salaries increases.
Review your workforce. If you have any crucial, non-UK staff, can they apply for permanent residency? Do you need to provide administrative support for this exercise?
Talk to your non-UK trading partners. Reassure them that it’s business as usual but acknowledge that your contracts might need to be reviewed depending on what kind of Brexit is agreed.
Think about “Brexit” proofing those contracts that will last for another 2 to 3 years or more. Contact us if you want to discuss how that might be done.

For more on dealing with a Brexit in the workplace, click here.

For more on what's making it so hard for businesses to plan for the future after the EU referendum 'leave' vote, click here.

Contact

For more information, contact Christopher Burke or one of our commercial team below:

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Richard Eastwood on financial services and wealth management

Susan Mayall on employment law issues

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Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.

This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.