Brexit saga continues to weigh on UK businesses
How can businesses prepare in this age of uncertainty?There are several ways to stay ahead in the meantime. One way is to work with a currency strategist who can offer tools in risk management. The currency specialists at OFX can offer tools like Forward Exchange Contracts, which allow you to lock in a favourable exchange rate and trade it at a later date. You can also use tools like the OFX Daily or Weekly Market Commentary or Rate Alerts to stay ahead of the game when it comes to currency movements.
Another method is look outside the EU to other locations where you can get your suppliers and/or customers. While the uncertainty of Brexit and its impact cannot be understated, it does allow for businesses to look outside their typical supply chain, which might not have been done otherwise. This provides the opportunity to broaden horizons and potentially increase profits.
- EU grants extension to Article 50 till October 31st 2019
- Theresa May hold ongoing talk with Jeremy Corbyn to attempt to break the impasse
- Businesses should take control of the areas they can while waiting for news
- Speak to your currency specialist to protect your company against fluctuations
For more information about how OFX can help you protect your businesses bottom line, you can get in touch with the team, we're available to chat 24/7. You can reach us via email at email@example.com or phone at (+44) 207 614 7575.