The Aftermath of Brexit: a world of opportunity

  • Aftermath of Brexit for Translation Companies

As a company head-quartered in Spain but working with many clients based in the UK, we have watched closely as events unfolded in the UK following the June 23 referendum.

Project Fear

It was clear, even from this distance, that in the build-up to the UK referendum the ‘remain’ camp were determined to play the fear card. Stark predictions of economic chaos, of a future UK population living in a sackcloth-and-ashes economy were woven into a doomsday scenario.

But with a typical Anglo-Saxon disdain for being told what to do by those in power, the British people looked the doom-sayers in the eye – and voted to bring on this brave new world.

So here we are. The British have voted to leave the ‘safe harbour’ of the EU and set out for uncharted waters, determined to succeed or fail as an independent trading nation. Things will never be the same again. Or will they?

Instability and upheaval

The immediate aftermath of the ‘out’ vote saw political panic and market instability (there’s nothing that spooks the stock-markets like uncertainty).

The pound plunged, the UK’s credit rating was taken down a significant notch or two – and in Brussels, senior EU bureaucrats reacted with a mix of incredulity and hostility to the realisation that a major player in their 28-member club had the temerity to believe things could be better on the outside…

And of course there was political upheaval, too; the UK’s Prime Minister resigned, his Chancellor was unceremoniously booted out, and a new Prime Minister plus a new-look Cabinet were installed much quicker than anyone had imagined.

Getting down to business

Ah, business. At McFelder Translations we work with many UK-based clients, so we naturally have a vested interest in how they will respond, react, and grasp the opportunities thrown up by Brexit.

Plus ça change…

So here we are, about a month into the aftermath of Brexit – and what has really changed?

From a purely business perspective, UK companies dealing with the EU woke up on June 24th to find that, mostly, nothing had changed. (Sterling’s temporary volatility aside).

Regulations? the same. Trading agreements and partnerships? Ditto. And these will hold good for at least the next 2 years, even presuming the UK government presses the Lisbon Treaty ‘Article 50’ button immediately. Once done, the clock is running – but it will run very slowly.

Plan B

Smart companies (and McFelder’s clients are smarter than most!) always have a ‘Plan B’.

Individually, they cannot alter or affect what happens in the world of macroeconomics – but they do know how to spot opportunities for their business and grasp them, getting in first before the competition has even realised the opportunities are there at all.

We expect that McFelder’s clients who are well-embedded within and across the EU will, even now, be stepping up their communications with their EU partners, paving the way for continuing good relations when the final UK-EU severance is finally delivered.

Clients who perhaps have not yet fully explored the opportunities available in other world markets will be working hard to learn fast. The emerging markets of China, India and Latin America (to choose but three) hold out the tantalising prospect of a step-change in trading.

And naturally, with years of experience across the global village, our company stands ready to provide support with multi-lingual translation services (and a whole lot more besides) as our clients explore this brave new world of opportunity since the aftermath of brexit.

To find out more, get in touch today