Legislation that will have implications for UK businesses
There will be a bill to convert EU legislation into UK law, itself a significant task. In a series of bills that will shape the future for UK industry, there will also be new legislation on:
- agriculture; and
Her Majesty said in her speech: “My government will seek to maintain a deep and special partnership with European allies and to forge new trading relationships across the globe. New bills on trade and customs will help to implement an independent trade policy, and support will be given to help British businesses export to markets around the world.”
Mrs May reiterated her resolve to get the job done.
In another important bill not tied to Brexit, Her Majesty outlined the Data Protection Bill, which will also have significant implications for UK businesses.
David Johnson, Founding Director at currency specialists, Halo Financial, commented, “Alongside preparation and planning for Brexit, there are other legislative and regulatory challenges to be tackled in the UK. Key changes to data protection law and the way we store and share client data will be a considerable undertaking for UK businesses and needs to be factored in to business strategies as early as possible.”
“Another important factor that will be intertwined closely with the Brexit-focused bills is currency volatility and the implications for profitability. If they have not already done so, UK companies would be wise to use these announcements as a starting point to build a strategic risk management framework, in order to prepare and protect their business against the inevitable uncertainty that will come our way.”
What next for the UK parliament?
Rhetoric from the Queen, UK Prime Minister Theresa May and senior MPs was very much along the lines of “just getting on with it” as the new parliament shapes up. The Queen said in her speech, “My government’s priority is to secure the best possible deal as the country leaves the European Union. My ministers are committed to working with parliament, the devolved administrations, business and others to build the widest possible consensus on the country’s future outside the European Union.”
Mrs May reiterated her resolve to get the job done, albeit with “humility” following the election result.
View the Halo Financial Brexit timeline
to keep track of the key negotiations.
About Halo Financial
Halo Financial is a leading UK foreign exchange brokerage, offering a comprehensive range of services to individuals and businesses since its inception in 2005. The business prides itself on offering a flexible and personalised approach for each of its clients, simplifying the seemingly complex foreign exchange market to maximise savings in currency transactions, protect against currency risk and make money go further.
Staffed by qualified technical analysts, the company is authorised by the Financial Conduct Authority and HM Revenue and Customs.
“Excellent”, “Reliable”, “Professional”, “Knowledgeable”, and “Helpful”– just some of the great feedback received as a Gold Trusted Service Provider for Feefo.com. The team at Halo are proud that customers rate their services so highly and are happy to recommend to others. The company is always striving to provide the best possible service and to innovate services and products in line with customers’ ever-evolving needs.
Halo Financial won Best Customer Focus category in the 2016 Best Business Awards; received OPP Gold for Best Supporting Service; the Gold Award for Financial Support and Innovation from Relocate Magazine, Commendations in the 2016 and 2017 Moneyfacts Awards and has 5 out 5 Star Customer Gold Merchant Status via independent review website, Feefo.com, winning their Gold Trusted Service award.
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