TGt Meets... Peter Bromiley ACA
We've been asking local businesses how the UK's decision to leave the European Union is affecting us here's in the West. Here's what Peter Bromiley from AMS Accountancy had to say.
What changes have you experienced since the UK voted leave in the EU Referendum?
None directly but we have at least one client who imports parts to assemble products in the UK – and their costs have risen significantly with the falling pound.
Have you seen a shift in business and consumer behaviour?
No
Has the decision had an impact on your business yet?
There has not been any direct impact so far on our business, yet.
What do you envisage the long term effect on your business will be?
I think it hasn't affected our business directly – but, because of the falling pound, one of our clients, who imports parts for assembling furniture, has seen his costs increase significantly, with a negative effect on his margins – and if this affects our clients, then it can affect us because they may become smaller needing fewer services; and also more price sensitive.
We also have a London-based builder client worrying longer-term about the affect it will have on hiring hard-working Romanians and the like, who seem more prepared to do hard digging work. Again, if it affects our clients it has a knock-on effect on us.
What opportunities do you see Brexit will have on South West businesses owners and business leaders?
Short term, a falling pound can help exporters. Longer term, we may have better, more flexible trading agreeing with the developing economies in Asia etc.
What problems do you think South West business owners will face as we start to exit Europe?
Higher import costs; reduction in immigrant EU workers will mean either skills shortages and/or wage inflation.
What affect do you think Brexit will have on the local economy?
As above, I think the impact on Sterling will help exporters and be an issue for importers. And the uncertainty of what “Brexit means Brexit” means may delay investment in projects – which can slow economic growth.
What advice would you give to other business leaders as we approach Article 50 being triggered?
I wouldn’t really advise business leaders! But change is part of life, so accept it and move on. The sooner we have certainty, the sooner concrete plans can be made.
How do think that Trump being elected as US President will affect the UK’s exit from Europe and how do you think this will impact UK trade?
I don’t see it affecting Brexit particularly. I think Trump is a great unknown. If he brings in protectionist policies, I don’t see that helping World Trade generally.
