Why Brexit will not be an easy exit

Scaremongering is the new synonym for Brexit. Lot of noise, panic, anxiousness and chaos is what we have witnessed post the EU Referendum results.

Vote in or Vote out, after a lot of confusion; vote out was the answer. With a small margin of 3.8%, the UK decided to leave the European Union, leaving the country divided.

Immediate effect of Brexit was as we all know, stepping down of Prime Minister David Cameron, who strongly and whole heartedly campaigned for the UK to remain in the European Union.

Well, all that is past, and the UK is now in a tricky situation; for those who voted out doesn’t seem to be certain as to what their vote impact will be, of leaving the European Union. Will the UK still be a safe haven for investors, industries? Will this exit do any good to the UK economy and to its people, only time will tell.

The overall picture gives us an indication that Brexit voting was not an educated one, and not everyone was aware of what will be the impact of their vote, or what will it hold for the future of the UK.

While England and Wales voted out, Scotland and Northern Ireland backed staying in the EU.

2 years is what the UK has got to make way for a smooth exit. Now, the next big thing lies ahead of the UK, is the much talked about – Article 50 of the Lisbon Treaty. It will need to be seen when and how it is invoked, and most importantly; who will invoke it. Prime Minister David Cameron made it clear that it will not be him, who’ll look after the transition or invoke Article 50.

Whosoever invokes Article 50, will have a huge responsibility on his/her shoulders. People of the UK will certainly be keeping their eyes glued on, and with high expectations.

What will these 2 years mean for Businesses and to Contractors?

One thing is for sure, uncertainty. Businesses will be skeptical and would not want to commit themselves by employing permanent staff during this period of uncertainties. On the flip side, contractors should benefit the most, and for them, an ocean of opportunities lies ahead of them.

To mitigate risk, businesses may opt to hire contractors for their projects. However, this would also mean, a rise in their project costs and a lot of planning would be required; which may further cause delays in project delivery. Banks may look for alternatives as London, the financial hub of the UK, was certainly not in favor of leaving the EU.

What impact will it have on the UK economy, on the people’s mindset, is yet to be seen. For those 48%, who were in favor of UK staying in the EU will certainly not be happy of this forced transition.

More than the financial impact, it is the mental impact and the uncertainties, which may have a negative effect on the UK.

What the UK needs to do now, is to come together, accept the decision; and look forward.