Wales must show it is open for business post-Brexit, says ACCA Cymru Wales head

With business confidence across the UK reacting negatively to the prospect of Brexit, ACCA Wales Cymru is calling for swift leadership from the Welsh government and business community to demonstrate that Wales remains open for business.

Lloyd Powell, head of ACCA Wales, emphasises the importance of strong political leadership during a period of economic uncertainty:

‘Several indicators, including the recent ACCA and IMA quarterly Global Economic Conditions Survey, point to the negative impact that the vote has had on business confidence. Fortunately Theresa May has already visited Wales and met with the First Minister Carwyn Jones, which is hopefully a sign of a good working relationship between the Welsh and UK Governments.’

Lloyd Powell argues that this is important as the effects of Brexit could have a significant impact on the Welsh economy:

‘Regardless of their current level of engagement with EU and overseas markets, all businesses – whether large employers or SMEs – will be affected by the uncertainty, including the fall in the value of sterling, the changes in the funding streams for projects and possibly to the employment of EU staff, and potential impacts on access to the single market and other overseas markets.’

Yet, despite the potential negative effects, Lloyd Powell also thinks that policy-makers and business should look towards positives:

‘It is also important to try and identify the opportunities that may arise from the changes and to continue to emphasise that ‘Wales is open for business’. These may include export opportunities from the lower pound, trading opportunities with new markets overseas or opportunities to boost competitiveness by varying taxation levels. Wales’ increased international profile following the success of the football team at Euro 2016 also provides opportunities.’

Lloyd Powell also urges the government to value the strategic expertise of trained accountants in Wales over the coming years:

Accountants will play a crucial role in the post-Brexit transition with their expertise and advice helping to shape and drive the future plans and strategy for the economy. Facing jittery markets, it is telling that the new Chancellor Philip Hammond has been widely commended for possessing an accountant’s eye for detail and reassuring approach.

Now it is more important than ever for the Welsh Government, including bodies such as Business Wales and Finance Wales, to work with business leaders to ensure that our voice is heard and that we can play a key role in supporting growth in these challenging times.’