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I must admit that I am biased.
To me, the concept of a united Europe is the most beautiful vision to have been developed after World War II. The EU is the means of making this vision a reality where we can enjoy free trade, borderless mobility, pan-European education programmes and standards such as Erasmus and Pisa, and social stability through European investments. The EU is even the strategic answer to helping us stay on par with China and the US. So, for me, Brexit is terrible!
Back to business.
The short-term implications for our business will not be good. Britain is a key market in Europe and many European marketing HQ’s are based in London. The UK will now go through a phase of insecurity for at least two years. If anything is poisonous to business, it is insecurity as it reduces the level of investment and consumption. Since the communication industry is also procyclical, ad investments are likely to be harmed by Brexit. Clients will proceed with greater caution in the short-term.
In the mid-term, the consequences are more difficult to assess.
One point to watch out for will of course be the result of the negotiations. I am doubtful that the UK and EU will resolve Brexit in such a short time and believe it will take much longer than two years to arrive at a suitable deal. And whatever the deal is, it will not be better than what we already have today, for either party.
But it should also be noted that the UK has considered the EU as simply a free trade zone, and not much more. Brexit will in fact force the EU to redefine its role and priorities, therefore allowing the EU to evolve and align itself more with what Europeans expect from it.
Maybe we may see a stronger, more popular European Union emerge. This would be good news for all and especially for our business.
Let’s not miss this opportunity!
This article was published on www.lbbonline.com.