After a stormy few weeks, the dust following the UK’s vote for Brexit is starting to settle. However, with the form that Brexit will actually take still unclear and much wrangling over the TTIP deal with the US still ahead, international trade is facing a period of uncertainty. For industries as diverse as food and drink, pharmaceuticals and cars, this lack of confidence in what the future holds is affecting investment and, naturally, feeds into business decisions on launching products into international markets. Read more
Did you expect the UK to vote to leave the EU? The Brexit vote rocked the world in June, and the shockwaves will undoubtedly be felt for years to come.
People in all sorts of industries are now trying to make sense of an uncertain future. The translation industry is no exception. In fact, translators and others in the language services industry have reasons to be wary, as so many translation opportunities depend on international business.
It’s always best to be prepared, but how do you prepare when the future is so uncertain? To help, we gathered six experts in translation and international business to discuss how Brexit is likely to impact the industry and what we can do to stay ahead of the game. Here’s what they had to say.
Uncertainty and Opportunities
Our fearless leader Richard Brooks is the CEO of K International.
He sees uncertainty and some potential problems ahead, but also opportunities.
How do you think Brexit will affect the translation industry?
Short Term Effects
If (and I think this is a big if as leaving the EU is an issue for the law makers) we issue article 50 and leave the EU I see there being several short term effects impacting on the UK translation market.
- Fall in value of the pound, making what we produce cheaper to big markets such as the USA. However our unit cost is already cheaper than the US market, so I wouldn’t expect to see a huge influx of work.
- Economic slowdown. The debate is for how long. Looks like the Government wants the economy to be kickstarted again by an entrepreuners. When this happened last time (2008) we saw policies from Government to encourage business to retrain staff and invest in plants and machinery. This may be the end of austerity as the Government has opportunity here to develop something big.
- Unravelling the law. We’ve been part of the EU for over a generation and lots of our laws are intertwined. This generates an enormous amount of work for the legal services industry … A part of this will (by nature) require language assistance. The big issue is who is going to pay for it all (my belief is that it will run into £billions).
- Uncertainty during the 24 after we begin the process. Big business hates this and will delay investment until the time period has passed. Fear of slowdown causes a slowdown.
One of the biggest challenges for the British government and its departments in the months and years following the triggering of Article 50 will be the negotiation of an independent trade agreement. The goal for this agreement will be to enable the UK to prosper and grow outside the EU. Whatever agreement is reached will shape the economic and political landscape of the UK for at least a generation. A clear negotiation strategy will be key to the success of any talks, which is where secure transcription comes in. Read more
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