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Brexit: It could be time to translate your business

Translation could save British businesses

English is currently one of the three business languages of the EU, alongside German and French. However, this could well change as once the UK officially leaves, less than 1% of the EU’s population will speak English as a first language.

As it stands, far too many British businesses are monolingual. The British Chambers of Commerce polled a total of 45,000 UK businesses and found 35.9% believed Brexit would have a negative impact on their overall growth strategy. This statistics is particularly worrying as many businesses lack the knowledge required to enter overseas markets.

As the legitimacy of English in EU has already been called into question by the French, UK businesses working in overseas markets may have no choice but to work in another language. So does this mean businesses will become more reliant on translators, not only to overcome the language barrier but also for an insight into local markets?

Translation company Global Voices certainly think so. Discussing the the importance of translation for British businesses in Europe, they argue: “trade and supply chain integration between member states is greater here than anywhere else in the world, translation services are inextricable”.

Some businesses may have to relocate to Europe

Another well-publicised scenario for post-Brexit business is that large multinationals will up sticks and head to another EU State. London is still a desirable destination for international businesses, and has done very well as a result of a foreign workforce and investment. But could this change?

Co-founder of TransferWise, Taavet Hinrikus, one of the country’s biggest tech firms recently declared that London would no longer be the tech centre of Europe. Although TransferWise look set to stay put for now, Hinrikus paints a gloomy post-Brexit picture. He told The Guardian: “If the UK then becomes not competitive for entrepreneurs, the next TransferWise will be built in Berlin, or Tel Aviv, or Stockholm, or in Tallinn. Not London. We have more than 100 jobs in London; the next TransferWise will create a thousand jobs outside London.”

Translating your business will depend on the free mobility of labour

Although a lot has been made of international businesses such as Vodafone and Goldman Sachs potentially leaving Britain for abroad, there is a concern that British-owned business based in Europe may be sent home. The government suggests that the 2 million UK citizens living and working abroad may have to return to Britain, many of these people have settled lives in foreign countries, own businesses or work for British businesses to bridge the language gap that already exists. These people are hugely important to British businesses working abroad.

There are concerns that the translation industry, and the vital role it’ll play for the future of British businesses, could be hampered by this mass repatriation as many English translators based on the continent come home. The knock-on effect this could have can only be guessed at. Although post-Brexit predictions that foreign investment and businesses will leave the country are most likely wide of mark, UK businesses will need to adapt to survive any future changes.

This was posted in Bdaily's Members' News section by Caitlyn Stevens .