Uncertainty has dogged the UK’s business community and the wider economy since the referendum in 2016; so it was great news that a deal had been agreed with the European Union just before the Christmas break.
This deal delivers certainty and will enable companies to finally be able to make long term plans, as well as invest for the future, and what a bright future it could be.
It also means that the UK will be able to continue to trade with minimal tariffs and disruption with the EU, which is by far our largest and closest trading partner. Saying this, the way we trade with the EU is changing and things will not be how they were, from the start of 2021.
I am a great admirer of how UK businesses are able to adapt and innovate, as their operating environments evolve.
As an independent sovereign nation there are likely to be many opportunities for businesses to grow into new markets, as the UK continues to sign trade deals around the world.
I have seen first-hand the opportunities which are out there, and the huge benefits on offer for UK PLC as my own company Morningside Pharmaceuticals has become a leading manufacturer and supplier of generic medicines to the NHS, hospitals and pharmacies in the UK after it was established as a 100% export-led business in the 1990s supplying aid to lower to middle income countries via international aid organisations.
On December 31 2020 the transition period ended but there will still be some big changes, which UK businesses must prepare for now.
However, the the New Year has brought about a fresh start and for the first time in a long while, and most importantly of all: certainty.
Written by Dr Nik Kotecha
Dr Nik Kotecha OBE is the Chair of Trustees of the Randal Charitable Foundation. He is also the Founder and Chairman of generic medicines manufacturer and supplier, Morningside Pharmaceuticals.
