The Creative Industries Federation has issued a guide authored by Bates Wells Braithwaite urging creative organisations to begin to plan for the possibility of a “No-Deal Brexit”.
In the case of a “No-Deal”, the UK will automatically cease to be a Member State of the EU from midnight on March 30th 2019.
According to the CIF, in a “No-Deal” environment, creative organisations would have to prepare to:
- Face restrictions and costs when bringing in talent from the EU.
- Risk losing employees who choose to leave the UK if they no longer have an automatic right to remain and access services.
- Face far higher costs, delays and barriers when trading goods and services in Europe.
- Lose access to important sources of EU funding and potentially private sources of finance as the UK becomes a less attractive destination for investors.
In a recent survey of creative businesses by the Creative industries Federation, 21% of respondents said they would consider moving part or all of their businesses abroad in the event of a “No-Deal Brexit” and in a separate piece of research, 74% of creative enterprises said restricting immigration would limit their capacity to do business.
Federation members can access the full guide on what a “No-Deal Brexit” would look like for the creative industries here.