The hazards involved in economic forecasting have been highlighted in dramatic fashion over the past year. While reviewing the equivalent piece I wrote this time last year, two statements stand out, that remind me once again of the futility of economic forecasting.
Firstly, in relation to the international outlook, I expressed a view that a hard Brexit would be avoided, and that the US/Chinese trade spat that had dominated 2019, would ease ahead of the US presidential election. I concluded based on these assumptions that ‘despite all of these uncertainties, mainly related to global geo-politics, it is more likely that global growth will be stable or slightly stronger over the coming year’.
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THERE WILL BE NEW RULES FOR TRADE, TRAVEL AND LIVING IN THE UK AND EU FROM 1 JANUARY 2021. Many businesses who trade with the EU are no doubt watching the Brexit negotiations closely. Whether or not there is a free trade agreement, many of the administrative changes for trade and travel are already known and it is important you plan ahead for these.
While we are all very focused on responding responsibly to the requirements of operating during Covid-19, it is easy to forget the rest of the world around us. Brexit is still moving forward and requires you to have a plan in place for when that occurs. Here we list some key steps that your business needs to take now for a successful transition.
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