BUSINESSNEWS
THE IMPACT OF BREXIT ON TERMS AND CONDITIONS
BCC/MONEYCORP SURVEY FINDS IMPACT OF COVID-19 AND BREXIT The British Chambers of Commerce, in partnership with moneycorp, surveyed more than 1,000 UK firms to understand the impact of both Covid-19 and Brexit on UK businesses. As Europe still comes to terms with a new post-Brexit landscape, many businesses are now evaluating what the new processes will mean for trade between the UK and the continent. In the Midlands, the survey had 205 respondents, of which 62% revealed that their intention over the next 12 months is to grow within the UK – a finding that is almost identical to the results of the UK as a whole. Overall, the report established that more UK firms will be accessing finance in the immediate future, likely due to the impact of lockdown. The survey found that while the government provided a wave of financial support in the form of business rates, VAT relief and the furlough scheme, around 20% of UK firms surveyed are still anticipating a reliance on this support in the next 12 months. Due to the uncertainty of both lockdown restrictions and a last minute UK/EU trade agreement, exchange rates have fluctuated significantly over the course of the last year, effecting the value of payments that businesses need to make and balances that they hold. According to the survey, 22% of Midlands-based businesses remarked that currency risk is more of a concern to them now than it was two years ago, but when asked about the measures they take to manage risk exposure, the result was an even divide, with almost 20% admitting that despite knowing they are exposed to risk, they take no action to manage it, and 20% saying they have risk management measures currently in place.
Despite a Brexit trade deal being agreed between the UK and Brussels in the form of the Trade and Co-operation Agreement (TCA), it is vital that businesses take steps to review their contractual terms and conditions and proof any contracts to ensure they are in line with the TCA, along with the governing law and jurisdiction of the terms and conditions. The points to review include: If there are any additional tariffs or exchange rates which may affect the general profitability of a deal The interpretation of the drafting of terms and conditions, the flexibility of contracts, and the hidden risks taking into account location, key customers and workforce The potential ruling of adequate data protection laws in English jurisdiction. This finding will be particularly important where data is sent for business purposes outside of the EU
Coporate Solicitor at mfg Abbey Jones
Abbey Jones is a corporate solicitor at mfg Solicitors. Members looking for further advice can contact Abbey via email: abbey.jones@mfgsolicitors.com. www.mfgsolicitors.com
WORCESTER SIXTH FORM COLLEGE COMPLETES SUCCESSFUL PROGRAMME OF MASS TESTING Thursday 18 March marked the end of the mass testing of Worcester Sixth Form College students on their return to College. Like all secondary schools and colleges across the county, students were expected to be tested three times onsite before the transition to home testing. Over a nine day period, the College conducted almost 4,000 tests with 99% of students taking part. Ed Senior, Principal, said: "I am proud of the maturity and responsible attitude shown by our students and grateful for the hard work and dedication of the testing team who worked tirelessly to complete such a huge task and at the same time keep students safe. In addition to the testing team, other members of support staff were crucial in ensuring that our testing arrangements worked smoothly including setting up the facility, collecting, directing and registering students and recording their results.
volunteers ensuring mass testing of students runs smoothly
Thank you to all of these colleagues - it really was a great team effort." The triumph of the testing programme follows a period of successful remote learning since January with students and their parents being overwhelmingly positive when surveyed about the support received and communications with them. www.wsfc.ac.uk
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May/June 2021
