Article 50: Let’s hope this Pandora’s Box unleashes something good for Britain

It’s finally happening. Article 50 is being triggered this week, paving the way for Britain’s formal divorce negotiations with the European Union.

Whether you voted to Leave or Remain in last year’s Referendum, it’s hard to not be a bit nervous about the years ahead and what they’ll bring for our economy. Who wouldn’t be? Our departure from the trading bloc represents the country’s biggest economic shift since we entered the Second World War in 1939.

PM Theresa May is (thankfully) reported to be moving away from her hardline view that no deal with the EU would be preferable to a bad deal, with one unnamed EU diplomat telling the BBC that senior Government figures “are worried about people in this country who have an ideological and political intention of creating chaos. The civil service has told them it would create havoc”.

British officials, the diplomat said, are ready to discuss the UK remaining within the EU’s customs union as part of the wider transitional arrangement

Iwan Griffiths, the North West regional chairman for professional services giant PwC, believes it’ll be a while before we’re offered any real clarity regarding the nature of our exit and any ongoing trading relationships.

Businesses must start to act now, he said, as the ‘wait and see’ attitude many have adopted since the Referendum is no longer an option.

He added: “The two-year negotiating window that Article 50 prescribes gives businesses in the region an opportunity to assess the likely impact of Brexit, mitigate the probable risks and exploit the opportunities presented.”

Look elsewhere in the region, and you see a different picture. Lee Murphy, the owner of Wirral-based accountancy software business Pandle, is confident that businesses – and smaller firms in particular – shouldn’t be too concerned.

He said: “If I’m honest, I don’t think it will impact small businesses. We can expect the pound to drop slightly following this news announcement as it will remind investors and businesses that Brexit is coming, however this dip should be just that – a temporary lull which will soon bounce back when buyers snap up the currency at a lower price.”

However Lee, like many other equally optimistic businesses owners, nevertheless acknowledges that Brexit is still something of a Pandora’s Box.

If those in the UK Government leading the charge can put aside their emotions over the next two years, and think objectively about what’s best for Britain, there’s no reason why we won’t come out on top.