MY TAKE ON BREXIT...

By Sanjay Badhan, a financial planner with Future Planning which helps people make better decisions with their money across a range of needs such as mortgages, pensions, investments, protection, estate, business and tax planning.

What impact, good or otherwise, do you think Brexit will have on your business? 

Not a significant impact. Most of our clients reside in the UK, some are overseas but they are quite secure. Currency fluctuations may have a small effect but nothing significant. Market movements can affect client investment and pension values, however, our clients know to ignore the short-term noise and focus on the long term. With the work we do with and for them, they are well prepared to ride out this uncertain period so that their life financially may continue unaffected. However, if working while abroad then roaming uncertainties may cause an increase in costs because the roaming zone may change. 

Has your business experienced any real impacts, good or otherwise, already? 

People travelling less has given them more time to focus on their finances. Also, more people are looking to the UK property market as an investment and less so overseas.

What steps did you take in Q4 last year (or earlier) to prepare for Brexit? 

No real steps required; we used the Brexit checker to ensure we were prepared and we are. 

How do you feel about the Brexit deal with the EU as it stands at this time? 

Not enough detail has been presented to make an informed decision and the long-term ramifications are as yet, not known in our opinion. Data roaming cost increases are disappointing and the fishing agreement is very short-term. 

What, if anything, do you feel is missing from this deal? 

Ensuring beneficially good things that the EU has implemented such as banning animal testing and the Paris agreement for climate change remain in force is crucial. GDPR and the wider implications of this will be important, especially in an age where most things are stored online and not always in this country.

Do you have any advice for fellow business owners around Brexit impact –based on steps you’ve taken or your particular expertise? 

Ensure you have contingency plans in place, try to not gear excessively and have a very good financial plan in place personally as well as for the business in case things do not continue as you expect. 

What would you expect to see happen during 2021 due to the UK leaving the EU as part of the European trading union? 

I do not see much happening this year as the majority of the UK will be focussing on getting through the lockdowns and helping the High Street and local economies to them to get back on their feet. I expect people to still travel once restrictions are lifted to benefit from some hot weather and outdoor space.

For more information visit https://futureplanningwm.co.uk