The United Kingdom’s decision to leave the European Union sparked economic and political turbulence and, with no clear plan for how ‘Brexit’ will be conducted, has created a great deal of uncertainty.

As a new Prime Minister takes charge in the UK, there is still no date for when Article 50 – which begins the process of leaving the EU – will be triggered or what the post-Brexit relationship with Europe will look like.

To try and assist businesses understand the implications of the referendum outcome, and plan for the future during uncertain times, Grant Thornton has launched an online Brexit resource.

At www.grantthornton.co.uk/brexit there is a guide to the mechanics of the UK exiting the EU which details how the process could work and offers a case study of Greenland’s three-year departure from the EU following its referendum in 1982.

There is also an overview of possible models for the UK's future economic relationship with the EU, including analysis of alternatives such as a Norwegian-style European Economic Area agreement, Swiss-style bilateral accords and Free Trade Agreements. It explains what each model means and highlights the implications on issues such as access to the Single Market, immigration control and the ability to influence EU regulation.

Grant Thornton has also included a Business Planning Tool, which charts the possible economic, political, legal and regulatory implications of the Brexit vote over the first 100 days, the next two years and in the longer term. It also highlights issues such as staffing and optimising operations which companies must consider as the consequences of the decision become clearer.

The page also has links to expert commentary and articles examining the potential impact of Brexit on data protection, the telecoms sector and other areas of business.

Michael Crowe, a Director at Grant Thornton in the Isle of Man, said: ‘There are many companies in the Isle of Man which do business with EU member states and the UK, and the Brexit vote has created a degree of anxiety about the future. There will be a keen interest in the exit negotiations and how the Isle of Man’s relationship with the EU, currently dictated by Protocol 3, will be defined in the future.

‘However, until those negotiations begin we have no clear idea of how the exit will work, the timescale or what impact the possible exit decisions will have for business. To address some of the uncertainty Grant Thornton UK has launched a dedicated online Brexit resource offering expert insight, based upon the extensive knowledge within the Grant Thornton network and informed by analysis of the relationship with the EU adopted by other nations.

‘It should prove extremely useful for Island businesses which want to better understand how the UK’s departure from the EU will work, what the pros and cons of the economic models which could be adopted are, and what issues they need to be focusing on now to prepare for whatever the future holds.’

Photo - Michael Crowe.