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Brexit

Brexit

As the UK and EU move through the transition period find out the latest opinions and insights from CIMA members and other experts from around the country.

At 11 pm on 31 January 2020, the UK formally leaves the EU. During the 11-month transition period, the UK will continue to obey EU rules while the UK and the EU work out the terms of their new relationship. For the time being, most things will stay the same as EU law will continue to apply in the UK and to UK businesses and citizens until 31 December 2020.

Throughout this transition period, we will continue to support our UK and EU members and students. We will continue to operate in the EU through our thriving regional offices and to represent the interests of all our members and students wherever they are based.

The CIMA Professional Qualification will continue to stand as a globally-recognised benchmark for the necessary financial, accounting and management skills to drive successful businesses. Our members and students remain at the heart of everything we do and we will continue to advocate on their behalf to facilitate the least possible restriction on the trade in professional services and the rights of management accountants to operate in the European Union.

The Financial Reporting Council expects disclosures to be made on how risks are perceived at the time and will judge them within the current context, not in hindsight. For example in the context of Brexit, issues such as staffing, supply chain, regulatory change and data management will need to be carefully examined.

Management accountants have an important role in producing accurate risks assessments on which business leaders will rely to help make strategic decisions, and at this time of uncertainty it is ever more critical that their knowledge and skills are capitalized upon and used to their full potential. In addition to maintaining sound governance, having a risk assessment process in place will undoubtedly give businesses a competitive advantage should some of these risks become a reality.

Andrew Harding Chief Executive — Management Accounting - Association of International Certified Professional Accountants

Audit, Accounting and Corporate Reporting during the Transition Period

Check out the letters for accountants and auditors with information regarding auditing, accounting and corporate reporting standards during the transition period following the UK’s exit from the EU.

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Updated legal advice on the CIMA qualification

"The UK’s withdrawal from the EU will not revoke such recognition decisions"

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Data protection and Brexit

Check out the latest guidance and resources for organisations after Brexit from the Information Commissioners Office (ICO)

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Final preparations and things to note ahead of 31 October

"At this stage it is crucial businesses take the time to gather all of the information available and use it to take the right decisions"

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Brexit takes a backseat as talent and technology lead the agenda

"While both the government and media continue to largely focus on Brexit, our members are taking a pragmatic approach to the business challenges they are facing beyond it."

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Resilience is key in the Brexit age

"Prolonged uncertainty has turned into a daily cycle of speculation amidst complex Parliamentary processes. This makes planning very difficult and the risks even of a no deal even greater. "

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Legal advice on CIMA qualification after Brexit

Whatever happens, CIMA qualifications will continue to stand as a globally-recognised benchmark for the necessary financial, accounting and management skills to drive successful businesses.

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100 days to Brexit. Is UK business prepared?

"UK business leaders are now in a position where they must hope for the best and plan for the worst"

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Paul Turner, UK and Ireland Regional Vice President blog

"One thing is for sure, Brexit is a fast moving game – and a bit of rollercoaster ride to boot!"

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CIMA Technical Note on UK withdrawal from the European Union

Unfortunately, this does bring in some uncertainty into the signing off of reporting standards.

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Prepare for the end of the transition period

The UK has left the EU and will leave the EU Single Market and Customs Union at the end of the year. With only 100 days until the end of the transition period, businesses should take action now to start preparing for new trading rules which will come into effect from January 2021.

To help you prepare, read this article to see the four things you should do.

Full article

2025 UK Border Strategy Public Consultation

The end of the Transition Period with the European Union provides the UK with the opportunity to design a future border that will deliver maximum benefit to the UK. A border that is more user-centric and streamlined than before, that helps businesses take advantage of new trading relationships around the world, whilst maintaining high-levels of security to protect the public, the environment and public health.

The UK Government published a public consultation to invite businesses and industry to share ideas and evidence to help develop a 2025 UK Border Strategy

Full article

UK prepares to leave the EU

29 January 2020

The UK is preparing to formally leave the EU at midnight Central European Time on 31 January, following votes by the UK Parliament earlier this month. The European Parliament voted to approve the withdrawal agreement on 29 January with the European Council expected to confirm the decision on 30 January.

The UK government has indicated it wishes to negotiate a free-trade agreement with the EU. UK Prime Minister Boris Johnson is expected to set out in a February speech the country’s trade talk objectives.

Full article

UK and EU agree in principle on Brexit deal

17 October 2019

A new deal has been struck in principle on the terms of the UK’s exit from the EU following days of intense discussions between the European Commission and UK negotiators.

The reworking of the Withdrawal Agreement from November 2018 still needs approval of the UK and European parliaments. It includes a revised protocol on Ireland and Northern Ireland, and there is also a revised Political Declaration on the Framework for Future EU-UK Relations.

Full article

UK risk appetite falls to 2008 low

13 August 2019

Appetite for risk amongst UK CFOs has fallen to the lowest level since 2008. Now, only 4% believe that it is a good time to take greater risk onto their balance sheets — with 96% disagreeing.

This key finding is from the latest — second quarter — Deloitte CFO Survey, which researched the views of CFOs and group finance directors of UK major companies, both listed and private.

Full article

Data suggest a loss of UK economic momentum

13 June 2019

Uncertainty around Brexit and its knock-on effect on business continues as the UK’s Conservative Party moves through the process to elect a new leader — and the next UK prime minister.

A raft of recent surveys points to declines in UK manufacturing, including car manufacturing, as well as construction, and some experts are warning that political upheaval and trade wars threaten to cause more economic harm in the UK.

Full article

Rise in geopolitical threats worries business leaders

16 May 2019

CEOs worldwide are a lot less optimistic about economic growth than they were a year ago, partly because they worry that rising geopolitical and geo-economic risks will take their toll on business revenue over the next three years, research by PwC suggests.

Of nearly 1,400 CEOs PwC surveyed across the globe, 29% said they believe global growth will decline in 2019, up from 5% the year before. The number of respondents who were confident their companies’ revenue would improve over the next three years dropped to 36%, from 45% in 2018 and 51% in 2017.

Full article

Analysis: 6-month Article 50 Brexit extension

16 April 2019

Recent developments in the ongoing political saga surrounding the UK’s plans for exiting the EU provide businesses with an opportunity to re-evaluate their strategic decisions.

Experts are urging businesses to use the latest Brexit delay as an incentive to continue their focus on planning for Brexit — instead of using it to ignore the possible ramifications of the UK’s impending departure from the EU.

Full article

Asian businesses roll out Plan B for Brexit

4 March 2019

With so much uncertainty abounding, Brexit is still a giant question mark for many businesses — and not just those in Europe. In the past few weeks, Asian companies have been ratcheting up Brexit planning and activating contingency plans as a no-deal Brexit seems more likely with every passing day.

Brexit uncertainties are a concern for Asian companies that export goods or services between the UK and the EU and over the border between Northern Ireland and Ireland; own manufacturing plants in the UK; have EU staff in their UK operations; rely on the same distributor for UK and EU markets; or have goods or services that will be exposed to different regulations in the UK and EU.

Full article

Brexit concerns hover over capital markets

7 February 2019

UK-based accountants could well gain a greater degree of influence in corporate finance decision-making once the UK leaves the EU, if some assessments of the post-Brexit landscape turn out to be accurate. This could prove particularly true with regard to the raising of funds in European bond markets by the country’s midsize companies. On the other hand, they might not.

It is impossible to forecast the impact of Brexit with any confidence, given the chaotic uncertainty that has come to characterise the project since the UK electorate voted to leave the EU.

Full article

Preparing post-Brexit supply chains

23 January 2019

It is possible that in the short term the UK will remain within the EU’s Customs Union, lowering immediate risks to existing supply chains. But longer-term changes may emerge from the Brexit process, and a cliff-edge “no deal” rupture in March with serious consequences for businesses is a possibility.

Major accountancy firms have been warning for months that Brexit’s potential multi-faceted impact on trade costs may put pressure on companies’ working capital. Writing in March 2018, PwC’s Johnathon Marshall also emphasised the importance of companies’ reevaluating their supply chains. Marshall identified seven areas businesses should take into account: customs and tariffs, legal changes, value-added tax (VAT), systems for managing import and export declarations, supply chain hubs, lead times, and grants and incentives.

Full article

UK CFOs react to Brexit deal defeat

16 January 2019

The UK Parliament on Tuesday voted down Prime Minister Theresa May’s deal to exit the EU, leaving British businesses with even more uncertainty.

May, who struck the deal with the EU in November, was expected to lose the vote by MPs in the House of Commons — but not by such a wide margin. The deal was defeated by 230 votes. Her government survived a no-confidence vote the following day.

Read the full article

Partnership pack: preparing for changes at the UK border after a ‘no deal’ EU Exit

7 January 2019

The government have issued guidance for business in the event of a "no deal" scenario. The pack provides a high-level guide to processes and procedures that are likely to apply to cross-border activity between the UK and the EU in a ‘no deal’ scenario.

View the pack

UK companies take steps to mitigate Brexit risks

20 December 2018

The one certain thing around Brexit has been uncertainty — for EU nationals working in the UK, for businesses’ strategic decision-making, and around the political process itself.

A vote of MPs in the UK Parliament on Prime Minister Theresa May’s Brexit deal has been postponed until the week beginning 14 January 2019. The next steps beyond that date — including the timetable for the UK to leave the EU on 29 March 2019 — remain unclear. The UK government is meanwhile preparing for the eventuality of a no-deal Brexit with an additional £2 billion available for its planning announced in mid-December.

Full article

Planning for Brexit uncertainty - Podcast

19 December 2018

The UK’s future trading relationship with the rest of the EU remains to be shaped — one aspect of the uncertainty surrounding Brexit. Hear more about what the future holds for those inside and out of the UK in this podcast with Jeremy Hawkins, senior European economist with Econoday.

Full article

UK awaits vitals amid talk of Brexit

18 January 2018

The UK election on Thursday left Britain with a more politically fractured House of Commons – an unexpected scenario as the nation prepares to exit the EU.

Prime Minister Theresa May, a member of the Conservative Party, had called for the snap election in April in an effort to bolster her party’s position prior to negotiations for what has become known as Brexit. At the time, Conservatives had a four-seat majority (51% of all 650 seats) in the House of Commons.

Full article

UK election results add to Brexit uncertainties

9 June 2017

The UK election on Thursday left Britain with a more politically fractured House of Commons – an unexpected scenario as the nation prepares to exit the EU.

Prime Minister Theresa May, a member of the Conservative Party, had called for the snap election in April in an effort to bolster her party’s position prior to negotiations for what has become known as Brexit. At the time, Conservatives had a four-seat majority (51% of all 650 seats) in the House of Commons.

Full article

UK election brings further uncertainty for business, but strengthens pound

18 April 2017

The news that Britain’s Prime Minister Theresa May has announced that a snap general election will be held on June 8th sent sterling to its highest point against the dollar since December, but spells further uncertainty for businesses.

The announcement on Tuesday comes just three weeks after May sent a letter to European Council president Donald Tusk to formally begin the UK’s withdrawal from the EU.

Full article

How to prep for a post-Brexit talent pipeline

8 February 2017

The UK’s withdrawal from the EU would exacerbate a talent shortage in Britain, restricting access to skilled workers from across the EU amid an existing skills gap and an exodus of ageing workers from the workforce.

Between 2016 and 2030, the UK’s population will grow between 3% and 5% faster than its workforce, according to Mercer’s workforce monitor report, a situation which has not been seen in the UK since the 1950s and 1960s.

Full article  

Brexit, cost control on the minds of UK CFOs

12 Jan 2018

Increasing concern regarding the risks posed by Brexit is one of several domestic factors that have caused the UK’s finance chiefs to re-evaluate their priorities going into 2018, Deloitte’s Q4 CFO survey suggests.

The UK’s decision to leave the EU was deemed the biggest cause for concern by the CFOs of large companies. They ranked their concern 62 on a scale of 0–100, up from a score of 58 in the previous quarter. Seventy-three per cent of CFOs said they expect the overall business environment to be worse post-Brexit.

Revolutionary thinking: Why CFOs should account for political instability

1 April 2018

Prior to the 2011 uprising in Egypt that led to President Hosni Mubarak's stepping down from power, multinational building materials company Cemex developed a plan to manage fallout from just such a political crisis.

Full article

8 million UK workers at risk of career complacency

3 July 2018

“Complacency will be the difference between the UK’s workforce experiencing a digital shock or a digital revolution. As the UK debates the best path for Brexit, businesses and employees need to wake up to career complacency and help to solve the productivity problem."

Full article