If, like us, you were shocked by the political events of the month then you will be rather concerned about the state of the UK; with business, trade, property and employment rights all up in the air. While concerned by the whole list of issues one that we care tremendously about is the hire market, whether it be hiring people, tools or services.
The Institute of Directors (IoD) surveyed 1,000 members, discovering that a quarter planned to freeze recruitment in light of Brexit. With 5% planning to cut jobs we can clearly see that the theme of uncertainty is proving to be rather problematic.
Simon Walker, director general of the Institute of Directors, told the BBC’s Today programme: “Business leaders are very, very concerned. Nearly half of them expect the other member states to punish Britain.”
Mr Walker said he did not think those that voted for Brexit realised they were voting “for constitutional and economic chaos”, but he added half his members did think they could keep going.
“There’s no point crying over spilt milk. Over time we must not lose faith in business to recover, but it was always going to be a shock with a loss of jobs and economic growth for quite a long time and it looks as though it will permeate through the whole of British business.”
This standstill with have a direct affect on all areas of business, but for how long for we will not know.
The vehicle hire market
BMW, which also owns Mini and Rolls-Royce builds and exports cars in the UK, said before the verdict that:
“We firmly believe Britain would be better off if it remained an active and influential member of the EU”.
Suggesting that we would ultimately pay more for creating an individual partnership outside of the EU we may see hire prices go up. However, that said, with the amount of trade we have with EU countries could a tax battle benefit anyone?