help a sister out

[arawelo 2.0]

so can someone with a good grasp of the English language help me with this question: how is Brexit affecting the UK economy?
also if anyone has a background in finance: then how would Brexit affect accounting firms?

I have an interview next week and am preparing for possible questions but i have no idea how to answer it.




p.s please pm the answer

thanks guys.

 

[ebimomo]

What job are you applying for you to be asked about Brexit?

 

[arawelo 2.0]

What job are you applying for you to be asked about Brexit?

Auditing.
technically the question is slightly different, but am choosing Brexit since its recent.

 

[ebimomo]

Auditing.
technically the question is slightly different, but am choosing Brexit since its recent.

Oooh, okay I think maybe some extensive research on Brexit and it's effects would be helpful
I thought you were being interviewed for some journalist position or something.

 

[arawelo 2.0]

Oooh, okay I think maybe some extensive research on Brexit and it's effects would be helpful
I thought you were being interviewed for some journalist position or something.

yeah, if only i did Economics or some related subject instead of chemistry, then i would be able to answer these type of question.

 

[Mckenzie]

You can google the question, plenty of sources like Business Insider speak about Brexit.

Based on my own intuition, Brexit affects many major businesses and exporters due to overseas contracts so the value of the Pound sterling has dropped, which will also increase inflation rates. However, Brexit also means tighter immigration laws which means more employment availability so there may be more government austerity (higher taxes, privatise the NHS)

 

[Nin xun]

Articles from Financial Times and The Economist are really good, there is however a third source I'd recommend but it's filled with batshit crazy conspiracy theories but if you can sift through the bullshit then you'll find some interesting nuggest things that are way ahead of the curve, posting articles you won't see on FT until few months later; the name of the site is ZeroHedge.

FT is using a subscription based model so I suggest you pick it up at your local library or if you're still in uni go check if they have access to their articles. The Economist is also using a subscription based model but does have some free articles. ZeroHedge is entirely free.

 

[AceofSom]

It really depends.

Regulatory divergence would increase over time, affecting trade volumes and reducing the attractiveness of the UK for investment. This would impact on businesses investing or trading in the UK and supply chains involving UK firms, but the magnitude depends on the specific Brexit model and is impossible to predict.From a governmental perspective, the key issue would be trade policy.
Nevertheless , Britain leaving the EU will also have repercussions fo the big four accounting firms. For example, will the Government support certain sectors through subsidies or tax relief? With changes to tax policy possible, companies need to consider their current tax profile and how any new tax policies could affect their holding and financial structures.

However large companies would pivoted themselves against these sort of event and most likely already planned for the fallout from Brexit. But as I said earlier its still too early to suggest how far Brexit will affect them, it would only become clearer after negotiations have been concluded with the EU.

 

[Mckenzie]

It really depends.

Regulatory divergence would increase over time, affecting trade volumes and reducing the attractiveness of the UK for investment. This would impact on businesses investing or trading in the UK and supply chains involving UK firms, but the magnitude depends on the specific Brexit model and is impossible to predict.From a governmental perspective, the key issue would be trade policy.
Nevertheless , Britain leaving the EU will also have repercussions fo the big four accounting firms. For example, will the Government support certain sectors through subsidies or tax relief? With changes to tax policy possible, companies need to consider their current tax profile and how any new tax policies could affect their holding and financial structures.

However large companies would pivoted themselves against these sort of event and most likely already planned for the fallout from Brexit. But as I said earlier its still too early to suggest how far Brexit will affect them, it would only become clearer after negotiations have been concluded with the EU.

There aren't any tax relief or subsidiaries happening anytime soon. The Tories love their austerity too much to ever concede. In fact Scotland leaving the UK will have more implications on the economy than Brexit.

As for Auditing, job cuts will be happening on a major scale especially for the major firms such as Deloitte, KPMG etc my advice is to get those ACA/ACCA qualifications, become chartered and get the hell out.

 

[AceofSom]

There aren't any tax relief or subsidiaries happening anytime soon. The Tories love their austerity too much to ever concede. In fact Scotland leaving the UK will have more implications on the economy than Brexit.

As for Auditing, job cuts will be happening on a major scale especially for the major firms such as Deloitte, KPMG etc my advice is to get those ACA/ACCA qualifications, become chartered and get the hell out.

Tax relief will be the most appropriate action for the UK gov to take after Brexit, it will ensure that companies will stay after the Exit.
Its even been announced by Geroge Osborne,
https://www.google.com.au/searchq=C...5%&aqs=chrome..69i57&sourceid=chrome&ie=UTF-8

If they don't have tax relief for corporations, these corporations will just relocate to more attractive financial destinations like frankfurt.

Whether mass job cuts happen or not depends on the deal the UK gov negotiates with the EU

 

[RedStar]

But as I said earlier its still too early to suggest how far Brexit will affect them, it would only become clearer after negotiations have been concluded with the EU.

It's all behavioural economics really... the uncertainty of the effects of Brexit is hurting the British economy.

 

[arawelo 2.0]

thank you guys.