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Impact on the Professional Services industry

The trade and security deal the UK Government struck with the EU is a bare-bones deal for tariff-free trade in goods. For many other business sectors that are not covered by the trade deal it means a no-deal outcome creating significant frictions and less EU market access from 1 January. Below we explore what it means for the Professional Services industry.

Snapshot:

One can only hope that the UK Government will be able to agree on mutual recognition for professional services in the future. In the short-term, this is a big hit to the industry, which will cost them millions.

Overview:

Professional service providers will lose access to the EU market since the UK failed to agree a pan-EU mutual recognition agreement for professional qualifications. This is a bad outcome for professional services firms that have been serving customers and clients across the EU from their base in the UK.

UK lawyers, accountants, doctors, vets, architects, or engineers must now all have their qualifications recognised in every EU member state they wish to work at, making it expensive if they wish to expand their services into other European markets.

Would you like to know more?

If you would like to learn more about how Brexit may impact you, please visit our Practical Guidance: Brexit hub here.

And if you have any questions or would like to discuss your specific circumstances, please get in touch with your usual Blick Rothenberg contact or one of the partners on this page.