Trump victory could spell change for UK businesses

Trump victory could spell change for UK businesses

The unexpected victory of Donald Trump over Hillary Clinton in this year's hotly contested US presidential campaign is likely to have a major impact on UK businesses as a whole, so it is vital to be prepared for whatever changes may be afoot.

According to the UK200Group, a membership association of chartered accountancy and law firms, comprising business advisers to more than 150,000 SMEs, there are myriad concerns regarding potential changes to international trade agreements. Indeed, Liz Ward, principal at one of the members of UK200Group, Virtuoso Legal said: “I have real concerns that the US will harden its position on international trade and it will become more difficult for overseas businesses to take their goods and services to the US market.

"A more protectionist President won’t seek to reduce barriers, he will seek to increase them. This will set back technological advances by years and harm much of the intangible capital the UK has to offer."

It is crucial to make sure that your business is covered for all eventualities, including any potential issues that could arise as a result of this shock political decision. Taking out the right level of comprehensive business insurance, will help to ensure your business is protected whatever should happen in the future.

Employees will also need reassurance against a backdrop of economic turbulence and an uncertain corporate future, which means that all business owners should ensure that they have contingency plans in place to protect their business and their staff in the event of another crash.

Business leaders also fear that there will be national security issues, due to Trump's plans to engage with Vladimir Putin, something which will concern businesses of all sizes located across Europe.

Peter Duff, partner at law firm Morisons LLP and UK200 Group vice-President, said: “Post-Brexit UK businesses, in particular the SME market, are facing a period of uncertainty with which it is difficult to cope.

"The election of a president who has no political experience and has never operated at the top level of international politics, who is viewed with scepticism by the markets, will create further uncertainty until we see what experience he can garner around him.”