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Brexit poses challenges and uncertainty

Horch urges companies in Hamburg to prepare early and for all cases

Frank Horch, Senator for Economics, has urged companies to adjust early to Brexit in view of it’s importance for commerce in Hamburg, according to a press release on March 30, 2018. Britain is due to leave the European Union on March 30, 2019. Relying on Britain remaining in the bloc is not an option and the transition period, which is set to last until December 31, 2020 is uncertain.

Need for expertise in customs

Horch said: “The senate advocates that Britain remains a close political and economic partner after the exit. As regrettable as the upcoming exit is, I recommend that companies tackle the required adjustments quickly and with their British partners. As Britain will be a third country, outside of the EU customs union, customs’ experts and knowledge of pertinent procedures will be indispensable.”

Prepared for any circumstances

Horch expressed support for mutual efforts towards a transition phase, which would also benefit companies in Hamburg. However, in view of difficult framework conditions, companies should make preparations for a Brexit which sees Britain leave the EU without an agreement. “The earlier companies prepare for Brexit, the better they will manage the changes,” he stressed.

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