There is no doubt that the Brexit referendum result has created a challenging environment for our clients. The uncertainty around the consequences of leaving the EU will remain for some time, and we appreciate that our clients will need to consider the impacts on all aspects of their business as an ongoing process, and we are here to help. Whilst there are challenges and risks ahead, there will also be opportunities, unintended consequences, confusion and delays and we feel it is our responsibility to guide you through the process.
Amid the uncertainty, there seem to be some initial positives.
The Bank of England has made it clear that it will support the banks and stimulate the economy. In reality this means that low interest rates look set to continue.
Whilst currency exchange rates will be subject to volatility, weaker sterling should help exports.
The prospect of reduced regulation will be welcomed by most business, although we think that most governments are better at talking about deregulation than actually doing it.
Farm subsidy seems to have been accepted as a necessity during the campaign, although it remains to be seen what a UK farm policy will look like.
Immediate concerns
However, there are some immediate concerns about Brexit.
You will be aware of the many predictions on the economic impacts and property related businesses are as vulnerable as any, particularly in a volatile market. It is clear that the UK economy remains fragile.
Tax rises and further cuts in public spending seem inevitable with consequences on many businesses.
The reduction in immigration is likely to lead to labour shortages in the agriculture, food and construction sector.
The initial reaction of EU states to UK access to the single market without freedom of movement is lukewarm at best.
Fisher German and Brexit
There is no doubt that Brexit will challenge each and every one of our clients over the next decade. We work with a diverse range of clients from traditional estates, institutional owners, utility companies, commercial businesses, farmers and property developers and we will work with all of our clients to try and solve the challenges that Brexit may bring.
We feel that with our knowledge, track record, resilience and ability to think outside the box we are well placed to advise, mitigate and benefit from the impacts of Brexit in the property sector.
