How does the US China trade war affect your business? Are you worried about how Brexit could impact you? And what does last week’s European elections and the ongoing Tory leadership battle mean for your firm?
These are all legitimate questions at a time of global economic and political uncertainty, and something that can not be truly answered without the aid of a time machine or crystal ball.
But while the unknown may be a scary prospect, proper preparation can ensure you are best situated to tackle whatever the future throws at you head on.
In a bid to try to help north-east firms weather the stormy seas ahead, The Press and Journal has teamed up with accountancy firm RSM to deliver a lecture on the UK’s economic future and Brexit.
Simon Hart, Brexit lead partner at RSM, will be joining Joe Brusuelas, the firm’s chief economist based in the US, to deliver a keynote speech during the briefing which will take place at the Chester Hotel on June 26.
Speaking ahead of the event Mr Hart said: “We are going to give an economic update in terms of what’s going on in the UK, Europe and the US.
“Joe, is a US individual, but does give an international flavour in terms of what is going on and I believe people in Aberdeen and the surrounding areas will find this useful.
“For example we will touch on the stuff going on between the US and China. The trade spat and tariffs and what the implication for UK businesses are because there are unintended consequences of the trade conflict that’s going on at the moment.
“For example let’s just say you are supplying a customer is in the US, their supply chain costs could rise as a result of US tariffs. How does that work? The US has raised tariffs on aluminium and steel, not just in China but across Europe as well. If you are involved in that element of the supply chain there is going to be a knock on which may well impact your business. It’s that kind of unintended consequence.”
Mr Hart said they would also be discussing Brexit and Europe and how firms would be best placed to plan ahead for the periods of huge uncertainty.
He added: “As we know October 31 will come round pretty quickly and what’s the chances we there without a deal and the markets start to react pretty nervously? There is so much up in the air at the moment and how can businesses react and plan for that.
“We are in a position across the UK of full employment, and our economy is ticking over, it is doing remarkably well in many respects but the effect the uncertainty is having, is that business leaders are deferring longer term investment plans, whether that’s capital spending or infrastructure investment, whilst we don’t know what the lay of the land is. It’s a tough one, we are basically saying businesses can waste a lot of time, effort and money preparing for something that might not be relevant but yet you have to do something.”
For further information and to book tickets please visit www.pandjlecture.co.uk.