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.