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After what feels like an eternity of political instability, our economy is facing more turbulence in the wake of the snap election. Until parliament has been fully convened, and the manifesto agreed upon by whatever administration is created, there are no certainties. In light of what we know so far, here’s a rundown of the possible scenarios facing the country…
- ‘Soft Brexit’
Have been the words on most people’s lips since the result, with calls for a retention of the single market after Theresa May’s hard-line stance wasn’t overwhelmingly supported.
- Lower corporation tax
This was a key inclusion on the Conservative manifesto, and unless abandoned, will free-up major funds for businesses to invest and grow in other areas.
- Employment law uncertainty
Given that many UK employment regulations are derived from EU law, the fate of rights for employees and employers alike could prove worrying without careful Article 50 negotiations.
- Second referendum
Nicola Sturgeon has been lobbying for a second Scottish independence referendum since Brexit. The general consensus is that this bid is likely to be quashed, as fundraising has largely been abandoned.
- Currency fluctuations
Perhaps one of the more clear-cut expectations is that the pound will weaken for the foreseeable future. Of course, an unpredictable political infrastructure historically puts a question mark over both domestic and foreign investment.
- May on the brink
According to talks in parliament, two thirds of the Tories are petitioning to oust Theresa May after a poor result for the Conservative party. If the Prime Minister were to resign, further disarray in finding a replacement would most likely occur.
To keep up with the latest updates affecting you as a client or candidate, please contact Oliver James Associates.