‘Flextension’ provides timebusinesses need

The term Brexit itself is the most memorable, while others such as prorogation now roll off the tongue as if they had always been in common parlance.

The latest – flextension – will no doubt become more increasingly popular over the coming weeks. The offer from the European Union of a flexible extension until 31st January 2020 from the remaining EU 27 leaders had been widely anticipated.

The flexibility comes with the ability for the UK to leave earlier, on either 1st December or 1st January should the withdrawal agreement secured by Boris Johnson receive the backing of Parliament.

We still don’t know exactly what Brexit will bring but this additional time provides the government and others in positions of influence an opportunity to provide some of the clarity so urgently needed on the detail of the draft deal and crucially, what it means for Northern Ireland.

At a recent event, I heard one speaker sum up the view of many business leaders perfectly as he appealed to politicians to “remove the blockages and let business do what it does best”.

Meanwhile, more than 140 leaders representing organisations across a broad section of industries attending a specially organised Brexit event hosted by the IoD last Friday.

The Meet the Experts lunch featured a panel made up of some of the leading minds on the Brexit debate and the desire from those present to drill down into the detail of Brexit was palpable.

It formed part of our Brexit Ready NI initiative that has been running throughout October as we have met with senior business figures, both members and non-members, assisting them with tailored guidance on preparing for a future outside the EU.

Our advice is only as good as the available information allows, however.

Local businesses remain deeply worried about the potential for fragmentation of the domestic UK market due to possible divergence between Northern Ireland and Great Britain.

The government’s own assessment of the draft deal makes it clear that companies in Northern Ireland will likely face an increasing burden of red tape and bureaucracy, especially around new customs requirements.

It also remains unclear whether Northern Ireland will benefit from any future EU or UK trade agreements.

While government must provide more clarity, it is also incumbent upon those of us in the business community to continue our preparations as best we can, and ensure we do not slow down in our bid to become Brexit ready.