Sherina Petit and Nosherwan Vakil explore how Indian businesses can manage the challenges and opportunities presented by Britain’s EU exit
After several rounds of negotiations, the Brexit process in the UK has reached an impasse. Under the terms of article 50 of the Lisbon Treaty, Britain is required to leave the European Union on 29 March 2019. However, as that date draws nearer, it appears increasingly unlikely that Britain’s major parliamentary parties will agree upon a coherent withdrawal framework. In the coming weeks, they will vote on a measure to extend the timeline for Brexit in order to ensure that Britain does not crash out of the EU with “no deal”.
In the past two years, much ink has been expended on the significant impacts this would have on the British economy. The government’s own “no deal” impact assessment suggests that the economy would be 7-9 % smaller in the long term (over a period of 15 years), and the Organisation for Economic Co-operation and Development (OECD) predicts a likely near-term recession in the UK in the event of a no-deal Brexit.
Regardless of the form Brexit takes, it is clear that Britain’s place in the global economy will undergo a fundamental re-evaluation. Indian companies with significant operations in the UK should seek to take advantage of the opportunities that this presents.
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Involving Nosherwan Vakil and Sherina Petit
