Brexit and Covid-19 Impact on Businesses

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isabelle8
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What can firms do to manage the negative impacts of Brexit and Covid-19?
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threeportdrift
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(Original post by isabelle8)
What can firms do to manage the negative impacts of Brexit and Covid-19?
Depends entirely what the firm is in each case. Some won't be affected at all by either of them. Some will close/are closing because of covid. You will have to narrow the scope of the question to get any sensible answer.
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Napp
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For the smaller ones? Pray.
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imlikeahermit
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Absolutely nothing. We're up the creek without a paddle. And I'm now waiting for all the Brexiteers on here to come trotting in and say everything is tickety boo. Every single day we see another lie, or another promise that wasn't fulfilled. Brexit will now cost more than remaining in the EU, and has cost more since our first day in 1973 as part of the EU. It's absolutely ridiculous how this was allowed to continue.

I'm not usually a fan of David Lammy, but, if anyone has a spare couple of minutes then it's worth seeing his speech in the commons which has been doing the rounds on twitter. Sums the entire situation up perfectly.

Don't forget though, we've secured £124m of trade with Liechtenstein though, so we're alright...
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barnetlad
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(Original post by imlikeahermit)
Absolutely nothing. We're up the creek without a paddle. And I'm now waiting for all the Brexiteers on here to come trotting in and say everything is tickety boo. Every single day we see another lie, or another promise that wasn't fulfilled. Brexit will now cost more than remaining in the EU, and has cost more since our first day in 1973 as part of the EU. It's absolutely ridiculous how this was allowed to continue.

I'm not usually a fan of David Lammy, but, if anyone has a spare couple of minutes then it's worth seeing his speech in the commons which has been doing the rounds on twitter. Sums the entire situation up perfectly.

Don't forget though, we've secured £124m of trade with Liechtenstein though, so we're alright...
The impact of Covid 19 and Mr Johnson's criminal inaction in March will probably have a greater economic impact than what I expect to be a last minute trade deal with the EU. However, the last minute trade deal and the impact of Brexit will remain an act of economic self-harm that could and should have been avoided. I don't believe there is a 'special place in hell' for Brexiteers (there should never be a special place anywhere for them), but the impact of Brexit will be significant though hidden.

Mr Johnson has no clue about business, which is evident by the way he has removed restrictions. The leisure, cultural and tourism sector of the economy brings in billions and employs hundreds of thousands of people. Yet there is no planned date for theatres to open fully, gyms with social distancing and outdoor pools could have opened with precautions in early June, as could have self catering properties.

Businesses are planning the possible impact of WTO terms of trade in spite of the Prime Minister.
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isabelle8
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(Original post by threeportdrift)
Depends entirely what the firm is in each case. Some won't be affected at all by either of them. Some will close/are closing because of covid. You will have to narrow the scope of the question to get any sensible answer.
My apologies, I was referring to big corporations and multinational companies. For instance, one suggestion is moving away from decentralised supply chains, shifting into centralised forms in preparation for future waves. Thanks in advance x
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ByEeek
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(Original post by imlikeahermit)
Absolutely nothing.
What a defeatist attitude. Most of the casualties in the business world were on a poor footing to start with. Debenhams and John Lewis for example are operating on a business model which for the last few years has been in decline.

That said online groceries and businesses have been booming. There is massive opportunity right now to tap into new ways of working and consuming.

Doing nothing and praying will achieve equal amounts of nothingness.
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isabelle8
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(Original post by ByEeek)
What a defeatist attitude. Most of the casualties in the business world were on a poor footing to start with. Debenhams and John Lewis for example are operating on a business model which for the last few years has been in decline.

That said online groceries and businesses have been booming. There is massive opportunity right now to tap into new ways of working and consuming.

Doing nothing and praying will achieve equal amounts of nothingness.
Can you please expound on what you mean by opportunity?
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ByEeek
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(Original post by isabelle8)
Can you please expound on what you mean by opportunity?
Seriously? An opportunity to make pots of cash.

Are you writing an essay?
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isabelle8
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(Original post by ByEeek)
Seriously? An opportunity to make pots of cash.

Are you writing an essay?
Examples in the business sense please? Innovationnn and no I'm not. I just want to learn more about business in this once in a lifetime occurrence.
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imlikeahermit
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(Original post by ByEeek)
What a defeatist attitude. Most of the casualties in the business world were on a poor footing to start with. Debenhams and John Lewis for example are operating on a business model which for the last few years has been in decline.

That said online groceries and businesses have been booming. There is massive opportunity right now to tap into new ways of working and consuming.

Doing nothing and praying will achieve equal amounts of nothingness.
Absolutely pointless when we have no money because thousands more jobs are lost, on top of the ones that Covid has already and will take.

We are not investible, we are not attractive, we are stupid. We are leaving the worlds largest free trade bloc to get back this bizarre idea of 'sovereignty' which will mean very little when the country goes back to 1970. Businesses will not want to invest, no matter how much some have blustered about it. If we erect barriers to trade, which is what we are successfully doing, why on earth would any company want to invest in us? A no deal brexit is a disaster. High tarrifs, long trading times. Oh yes, I can see businesses lapping that up.
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ByEeek
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(Original post by imlikeahermit)
Absolutely pointless when we have no money because thousands more jobs are lost, on top of the ones that Covid has already and will take.

We are not investible, we are not attractive, we are stupid. We are leaving the worlds largest free trade bloc to get back this bizarre idea of 'sovereignty' which will mean very little when the country goes back to 1970. Businesses will not want to invest, no matter how much some have blustered about it. If we erect barriers to trade, which is what we are successfully doing, why on earth would any company want to invest in us? A no deal brexit is a disaster. High tarrifs, long trading times. Oh yes, I can see businesses lapping that up.
I get you. But with that attitude you might as well pack your bags now. All Covid has done is bring forward job losses that were on the horizon any way. The likes of Frankie and Bennys and Debenhams were right up against the wall before all this happened. Similarly with manufacturing - it has always been on the brink in the UK. But that doesn't mean things can't get better. Maybe Brexit will be positive? Who knows. But moping about it helps no one.
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DJKL
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(Original post by ByEeek)
I get you. But with that attitude you might as well pack your bags now. All Covid has done is bring forward job losses that were on the horizon any way. The likes of Frankie and Bennys and Debenhams were right up against the wall before all this happened. Similarly with manufacturing - it has always been on the brink in the UK. But that doesn't mean things can't get better. Maybe Brexit will be positive? Who knows. But moping about it helps no one.
Quite possibly, but when you have all these impacts together, in a short period of time, with no time for the wider economy to reinvent itself, the spread of higher unemployment and business closures impacts a much wider market than the mainly impacted sectors- retail and hospitality staff having themselves less purchasing power spreads right across the wider economy.

We are still giving rental holidays to our commercial tenants and my colleague who runs a commercial property agency took five new property instructions this week, that is five business entities who have either given up their premises and their business or have downsized, and that if just one relatively small commercial agent over one week in one city, returned key rates are increasing and once all the subsidies and support schemes expire the current trickle of failures will likely be a flood.

Some business entities have boomed upon reopening, car MOTS and hair salons, but they are merely catching up backlog, once that unwinds they are also going to be impacted.

Regarding manufacturing on the brink, that is nonsense, manufacturing GDP has slowly and painfully been clawing its way back to significance, catch is a lot has been export led and that, per economist for Brexit, Minford, is expendable in our new Brexit world.

In addition we need to consider that highly technical manufacturing often runs in tandem with a service provision contract that goes with it, sell an aero engine and get x years of maintenance, was that aero engine sale mainly a sale of a manufactured object or mainly a signing up for a future service contract, one that may now, into the EU, need to be satisfied by staff certified within the EU and possibly located within the EU?

https://tradingeconomics.com/united-...-manufacturing
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barnetlad
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(Original post by ByEeek)
I get you. But with that attitude you might as well pack your bags now. All Covid has done is bring forward job losses that were on the horizon any way. The likes of Frankie and Bennys and Debenhams were right up against the wall before all this happened. Similarly with manufacturing - it has always been on the brink in the UK. But that doesn't mean things can't get better. Maybe Brexit will be positive? Who knows. But moping about it helps no one.
Some were such as in restaurants and parts of high street retail, but I don't think that is the case with many other sectors. The job losses in travel I don't think would have happened, for example. Brexit will harm the economy, the question is by how much. I'm not confident that harm will be minimised by any deal this government do, particularly as unlike most Conservative governments, they have little or no clue about business.
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