Leaving the EU – Will Financial Careers Be Affected?
On 23rd June 2016, British voters will take part in a referendum that will shape the future of the country: whether or not the Britain should remain in the European Union or whether we should leave and become an independent nation.
While the ‘Brexit’ campaign draws on the nation’s patriotic values in order to convince British citizens to vote leave, there is great concern about the future of the country’s businesses should we opt out of the EU. Reports suggest that up to 100,000 British jobs could be lost, and businesses will suffer dramatically as trading regulations and executive search recruitment alters.
As a member of the EU, Britain has the freedom to trade with a market of over 500 million people and do so by abiding by just one set of regulations. Take that away and we could find ourselves on much more complex ground when it comes to trading with other countries. Simply trading with our former business partners in the EU could change from a simple transaction to a precarious and expensive negotiation process.
Aside from buying our exports, EU countries also invest in businesses here, creating jobs and contributing to the economy. The EU also invests money into our universities and developing technologies. Would the likes of the USA and Japan see us as such a lucrative business partner should we stand alone without the support from the EU?
Manufacturing and Finance
Manufacturing and finance are thought to be the two biggest business sectors to be affected should we leave the EU. Manufacturing will be affected as selling becomes more problematic, while leading finance firms and finance recruitment agencies have already suggested that they will need to relocate out of London and into the centre of the EU. International banks which opt to trade in Britain in order to gain access to the single market will leave, and the finance sector (which currently accounts for 10% of the British economy) will undoubtedly be detrimentally affected. There could also be a knock-on effect on executive search within finance recruitment.
If you are in any doubt of just how vital British business is, consider that the private sector employs over 26 million people (approximately half of the population) while the public sector employs just 5.4 million. Our country’s economy depends on these private enterprises to generate wealth and provide job opportunities. While politicians on either side of the campaign can express their opinions and views, ultimately industry leaders speak for us all because their fate determines our own.
So perhaps it is time for the UK business sector to speak out. Because whatever the result of June’s referendum, one thing is certain: the decision will be final and there will be no going back. A frightening prospect for British business.