Although a compromise has still not been reached in the negotiations on Britain’s final exit from the EU, the deadline for the so-called hard brexit is approaching inexorably. Even the coronavirus has not prevented the UK government, led by Boris Johnson, from fulfilling its promises. There is less than six months left until the end of the transition period.

What difficulties can companies that settle in foreign currencies encounter? Will the price of the pound experience such dynamic fluctuations as after the referendum on the EU divorce?

Current situation

At the end of January 2020, the UK formally left the European structures, but agreements to clarify the details are still ongoing. At the moment, during the transition period, the United Kingdom participates in the common market and is treated as one of the members of the European Union. The United Kingdom is no longer represented in the EU structures, it can conclude trade agreements, but only with the proviso that they will not enter into force until 2021.

Currently, Polish entrepreneurs do not feel any changes in trade, however, in a few months the matter will be more complicated. Business people will have to take into account new customs duties or settlements, taking into account the uncertainty of the pound exchange rate. The best solution is to contact with polish accountant in Great Britain.

What has been waiting for us since 2021 – restrictions, customs duties and an uncertain pound exchange rate?

From the new year, there will be new trade agreements in force, which will concern supply chains, all details of mutual economic relations and customs policy. If a convenient solution is not found for both the British and the EU side – then the trade regulations on World Trade Organization rules will apply.

Businesses who will export to the Islands will have to take into account customs and sanitary controls, or have the required certificates or documents for distribution within the UK. The condition of the GBP currency remains a great unknown, which is also of great importance for business profitability. Analysts and specialists do not agree on the declaration of what the pound forecast will look like depending on the type of agreement reached.

Where is it best to exchange British pounds?

Currency markets can react differently – by observing the dynamics of currencies and the chart of the pound, you can see that investors can react nervously at critical moments. Keeping your hand on the pulse and observing the market moods are just some of the actions that will allow us to act so that the business pays off.

It is also worth looking for solutions that will allow you to minimize the cost of currency exchange. The exchange rate of the pound in the internet exchange offices is much lower than that offered by banks or stationary exchange offices. That’s why buying the pound online is an attractive alternative not only for emigrants, but also for the business that will feel the most saves in the face of uncertain times.

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