UK’s services sector starts to count the real cost of Brexit
Ross Patel is an exporter. But his stock in trade is not fresh food or car components in crates. It is musicians in minivans. Even so, like his counterparts in UK farms and factories, Patel is running into problems at the EU border.
Since the UK left the EU on December 31, Patel has been immersed in the jargon of cabotage, carnets and country-specific work permits as he tries to work out how travelling musicians can continue to ply their trade in the EU. Electronic trio Elder Island, the biggest act he manages as co-founder of music talent agency Whole Entertainment, are planning a 17-date tour of EU countries next year. Postponed three times already because of Covid-19, the tour has fallen into the tangle of regulations that now apply to UK exporters.
Cost of Brexit: UK s services sector crunching the numbers
10 May, 2021 08:54 PM
11 minutes to read
The geopolitical divide is proving costly to UK businesses. Photo / Getty Images
Financial Times
By: Andrew Hill Ross Patel is an exporter. But his stock in trade is not fresh food or car components in crates. It is musicians in minivans. Even so, like his counterparts in UK farms and factories, Patel is running into problems at the EU border.
Since the UK left the EU on December 31, Patel has been immersed in the jargon of cabotage, carnets and country-specific work permits as he tries to work out how travelling musicians can continue to ply their trade in the EU. Electronic trio Elder Island, the biggest act he manages as co-founder of music talent agency Whole Entertainment, are planning a 17-date tour of EU countries next year. Postponed three times already because of Covid-19, the tour has fallen into the tangle of regulations that now apply to UK exporte
Industry brandishes tax consultation day a “damp squib” Industry brandishes tax consultation day a “damp squib” Tax leaders criticise the much-anticipated consultation day following delays at the treasury
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The treasury’s anticipated tax policy and consultation day was a series of lost opportunities, according to senior tax officials.
Last Tuesday, the government published 30 tax updates, consultations and policies following its announcement in February it would postpone the release of the publications that are traditionally shared on Budget day.
“We lost an opportunity on the consultation day to set out the roadmap and the rationale behind where the future tax regime is going,” says Chris Sanger, head of tax policy at EY. “They’ve done that on the administration side, and they should be doing the same on the policy side.
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SMEs seeking to mitigate Brexit side-effects on exports could re-assess operating models to tackle the risk of a double tariff, with some establishing European hubs, according to market participants.
“What we’ll see in the longer-term, potentially starting quite soon, will be businesses reassessing their operating model in light of the new reality,” says Tom Rathborn, senior manager, Political and Economic Affairs at RSM.
“If you’re a UK distributor bringing products in from China into the UK and then back to Europe, that model isn’t as efficient as it was. You would be looking at setting something up in Europe. You could bring products directly from China into Europe and not have the double tariff issue.”
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