Orr Litchfield

Solicitors and Business Lawyers

UK trade, Brexit and the Law - Is your business BrexFit for Brexit?

Brexit day is 14 days away. The UK will leave the EU at 11pm (UK time) on 31st January 2020. Increases in UK exports, particularly to countries outside the EU bloc, are positive but are you and is your business ready for Brexit?

The Office for National Statistics (ONS) recently released its report for Q3 of 2019, covering the twelve months to the end of September 2019. It shows that UK exports to countries outside the EU grew nearly 5 times as fast as exports to countries inside the EU.

Over the 12-month period ending on 30th September 2019:

  1. UK exports to non-EU countries grew by 6.3% to £376.7 billion, whilst UK exports to the EU grew by 1.3% to £296.8 billion.
  2. Non-EU markets remained the top destination for the UK’s world-renowned service sector (including financial, travel and transport). 60.2% of UK services exports went to non-EU markets, which are now worth £190.8 billion.
  3. The USA maintained its position as the number 1 destination for British goods and services, with exports increasing by 11.4% to £133.7 billion. In the previous 12 months exports were £120.0 billion.
  4. Trade with Japan increased by 7.6%, from £13.8 billion to £14.8 billion. Japan is the UK’s fourth largest non-EU trading partner and one of the world’s fastest growing markets.

The ONS is the UK's largest independent producer of official statistics and the recognised national statistical institute of the UK. You can find its report for Q3 of 2019 at https://www.ons.gov.uk/economy/nationalaccounts/balanceofpayments/bulletins/balanceofpayments/latest#things-you-need-to-know-about-this-release

Whether you own a UK or non-UK business, whether you are an exporter or importer and whether the UK is the focus of the sale of the relevant goods or services or part of a broader sales territory, you should be taking into account the potential direct or indirect effects of Brexit on your existing commercial contracts and your business generally.

Need to talk? 

If you are trading from or with the UK, we can help you to understand the different legal and related commercial issues, choose the option that is right for you and minimise the legal risks for your business.

Contact us

If you would like more information or would like to discuss a potential or existing contract or dispute, please contact us by telephone on +44 (0)20 3126 4520 or +45 38 88 16 00 or by email at enquiries@orrlitchfield.com

 

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