The UK Shipping sector beyond Brexit
The UK-EU Trade and Co-operation Agreement (TCA) contains details of the many rules that need to be applied in carrying on business between the UK and EU member states. Generally, the agreement was welcome news to the UK shipping sector, as it established a firm foundation for continued trade in goods and a baseline for further agreement on services. In our recent ‘Rethinking the Economy’ survey, for example, over 90% of Shipping companies said that they expect exports to increase now that a deal is in place, notwithstanding any short-term fluctuations.
A significant portion of the UK maritime sector’s activity is devoted towards supporting trade flows across the globe, however the UK is also reliant on maritime transport to facilitate its own trading activity. The UK is, after all, one of the top five maritime centres in the world and over 90% of UK trade, by volume, is carried by sea. UK ports handle the second highest share of seaborne freight in Europe.
As the realities of Brexit and the impact of the pandemic evolve, UK businesses in trading abroad and overseas companies trading into the UK will be looking to mitigate risk and exposure. In order to do this, they will, no doubt, need the help of experts to understand the impact that Brexit might have on their business moving forward.
We’ve set up a full commentary covering many of the potential impacts of Brexit on the Shipping sector, including: analysis of maritime transport within the TCA, the movement of goods, fisheries, employment and tax issues, as well as the future outlook for the sector. Click here to read the full article.
For help and advice on any Brexit related issues please contact Richard Greiner, or your usual BDO adviser. We hope you find this communication informative and interesting.
Now outside the EU, the UK will continue to develop and it is encouraging that the maritime sector is being championed by the UK Government. As an example, the Freeports Initiative should help encourage new investment, innovation and employment. This focus must remain in order to secure the UK’s long-term competitiveness. For advice on the Freeports initiative, please contact us today.VIEW ARTICLE
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