Resetting for the future: A window into the global Brexit conversation.
As the second event in the global series of privately held events, the Financial Times and KPMG International gathered a selection of board members and business leaders Frankfurt, Germany in September 2017 to discuss the strategic choices facing corporate decision-makers as they prepare for Brexit and other shifts in the geopolitical landscape. How are German and multi-national businesses planning for a harder shift in the trade dynamics in Europe post Brexit? What should be the main objectives of a UK-EU trade deal? What could a transitional arrangement look like and how will this specifically affect the Frankfurt area dominated by the financial services industry and many other significant industries?
— Businesses are being forced to plan – and make decisions – based on a ‘worst case’ scenario of a Hard Brexit
— Each sector faces its own challenges, and some require clarity within the next few months to prevent irreversible decisions being made
— A transitional period is necessary, but business needs to know the ‘final outcome’ to plan effectively
— German businesses hold the same concerns on Brexit as their British counterparts: customs and tariffs; people; and new regulations, contractual compliance and the jurisdiction of the European Court of Justice
— The depreciation of the pound may help mitigate the imposition of tariffs where capital or labor-intensive components of the supply chain are based in the UK
— Decisions are being made in ways that create the most certainty – and it is unlikely that these will be positive decisions for the UK whilst there remains a level of uncertainty
— As a comparatively attractive destination to do business, Frankfurt will likely benefit from the movement of business and talent out of the UK
The event was held in German under Chatham House Rules to create an open dialogue in the discussion and open a window into the Brexit conversation. It was moderated by Fred Studemann, FT Comment and Analysis Editor who is highly experienced within geopolitical business implications.
Karen Briggs, Head of Brexit at KPMG in the UK, discusses how common themes, priorities and opportunities expressed by German business leaders differ from the rest of the world.
This global program is led by KPMG International’s experts on Geopolitics and Brexit in collaboration with the Financial Times. Each of the events are co-hosted by KPMG’s national teams and UK Head of Brexit to bring both global, regional and UK perspectives into the discussions. The final event will take place in London - insights, executive summaries and video assets from the New York and Tokyo events are available. Reach out to us to learn more