Hints at a Longer Brexit Transition Being Met with Optimism for E-commerce
Officially, Brexit is scheduled for late March 2019, but there are some factions within the government that are holding out for a lengthier leaving. As well, many UK businesses reliant on trade with the EU are hopeful that a longer departure will be agreed.
This news is being met with optimism by e-commerce merchants because many have a major portion of their clientele based in countries throughout the bloc. Hints allegedly coming from high sources within government indicated that there may, indeed, be an extended transition. However, it is almost certainly a done deal, which is leaving many questions in the minds of UK businesses.
What Appears to Be Certain
As with anything else the government does, there is always some lingering doubt because parties always differ in their political views. At this moment, it is certain that the UK has exactly two years from the Brexit vote to leave the EU and that date is set for 29 March next year. This is when Article 50 was triggered, to the day, but those hints from unnamed officials say that the transition period may be extended. Negotiations are underway in the hopes that both sides (EU and UK) will come to an amenable arrangement. However, since the UK is the first ever country to leave the EU, the process is in foreign territory. While the EU suggested that a lengthier leaving dated December 2020 might be a bit more attainable, and certainly more realistic, there are those within the UK trying to push for a quicker exit.
What Does This Mean for E-commerce in the UK?
Throughout all the uncertainty, there is one issue which will need to be addressed. Those UK businesses continuing to trade in the EU will need to reassure their customers and clients that they will be there when Brexit has been completed. Many companies are turning to a digital marketing agency to find their target audience. Not only do UK merchants want to maintain their current customer base but they want to grow as well. Given that much of their revenue comes from member nations, it is important to reassure them that they will continue even when the balance between the GBP and the EU may be in question. At the moment, UK marketing is reassuring both merchants and consumers that trade will continue as always.
Can the Right and Left Meet Somewhere in the Middle?
In the days immediately following the Brexit vote, the market fell significantly but rebounded when investors were reassured that the UK will continue trading for the foreseeable future and that Brexit was still at least two years away. Furthermore, the government made it known that they wanted to continue relations with the EU bloc after leaving, but remain independent of the European Union. The only stumbling block to a lengthier leaving would be the conservative faction within the MPs who are adamant about Brexit being Brexit. In other words, leaving means leaving, not delaying indefinitely for extended negotiations.
Hopefully, the right can meet the left somewhere in the middle to assuage any fears and doubts still lingering in SMEs throughout the nation.