With just weeks to go before the Brexit transition period ends on January 1, Swedish companies operating in the UK will soon find themselves in a new business reality outside the Single Market and Customs Union. Trade conditions will inevitably change whatever the outcome of current negotiations may be.
To gain a better understanding of how Brexit has affected decision makers in the UK and get a sense of their market outlook, we interviewed a selected group of leading Swedish companies including Alfa Laval, Ericsson, Munters, Recipharm, Saab Technologies UK, Scania, Vattenfall and Volvo Group.
The consensus is clear: the UK’s decision to leave the EU has so far not had any significant business implications in terms of sales, investments or production. Overall, the respondents are positive about the future and around two thirds believe that sales after Brexit will continue at today’s level. At the same time, many respondents are cautious when it comes to taking new investment and production decisions.
The interviews with companies on the ground also reveal some unexpected insights as respondents have identified three opportunities that can be leveraged in the post-Brexit landscape:
- Tap into the growing attractiveness of the Swedish brand in the UK
- Competitive advantage of already having a market presence (vis-a-vis firms who lack a UK presence)
- Using the UK as a global trade hub when new potential trade agreements are secured (such as the recently signed free trade agreement with Japan)
Explore their perspectives in this Brexit special, which also highlights three growth sectors where Swedish companies are particularly well-positioned after the transition period.