Assignment Sample on BU7412 International Business
Introduction
International business in any country and perennial conization is highly dependent upon the political environment in which it operates. In this regard, both the organisation as well as the government involved in regulating the markets need to work in synchronisation so that both economic development as well as political regulations can be maintained within an economic framework. The following report will shed light on the markets of the UK and describe the ways the political environment of the country impacts foreign businesses that operate in the markets of the UK. In this regard, various political regulations, frameworks, and guidelines would be evaluated and compared against each other in order to identify how international foreign countries can operate in the British markets.
Section 1 Impact of UK’s political Environment on foreign business operating in the country
Impact of political environment on international businesses
Negative Impacts of political environment
The political environment of the UK has been identified to be affected due to Brexit. Brexit has imposed a sudden political as well as economic shock over the UK international business. As mentioned by Andoni et al. (2019) there are several rules and regulations that have to be followed by the UK in order to regulate business operations overseas. In modern business operation, political stability is the major matter of concern for the organisations who are thinking about expanding their business in the host country (Schneider et al. 2017). Due to Brexit, most of the organisations who are residing in the UK had faced some serious issues and challenges. In this context, many of the organisations such as Amazon had faced some serious issues due to inability to attain the warehouses that are in the parts of the European Union. As a result, the organisation was unable to fulfil certain demands and needs of the audiences due to the sudden imposed guidelines after Brexit. As suggested by Dietz et al. (2018), the rules and regulation of trading, taxes and laws are being changed. Most of the time due to the changes in the government can create severe tax cuts, for example during the government of Donald Trump, it has been identified that in history the biggest tax cuts was done during that period (Gamble, 2018). Hence, these are issues that reflect the negative impact of politics over international trade.
Positive Impacts of political environment
Moreover, the UK is one of the most competitive countries in the world which improves its efficiency to build its international trade better and improve. As demonstrated by Gamble (2018), the UK has a strong reputation because of the laws and the impartiality that are involved in the legal system of the country. Due to which, the internal business creates a sense of trust after acknowledging the fair legal system of the business operation (Schneider et al. 2017). One of the positive impacts of the political environment over international trade can be described as, after Brexit, the relations between the other countries and UK seems to be flourishing due to the ease rules and regulation of foreign trade among the countries (Andoni et al. 2019). Earlier the strict guidelines of the EU were hampering the relations of the UK with the other non-EU members. In relation to this, 40% of the international corporates observes London as the most preferred place for business whereas, 88% of the international cases are being issued in the commercial country of the UK (City of London, 2021). These are some of the positive impacts of the political environment which helps the country to be productive among the other countries. Furthermore, the country is technologically advanced as well which attracts international business and reflects certain potential advantages to improve their foreign trading and business within the UK.
Issues and challenges faced by foreign companies to operate in the UK
Several categories of appeals are present in operating in a foreign country such as enlarging or widening the market segment, stabilising the financial condition of the companies, and reaching out to the different regions of the world and others. Despite these appeals, the companies making an attempt to enter in the markets of the UK can face several complicated and desperate laws, tax brackets and implications of Brexit (TMF group, 2021). The UK is considered to be one of the world’s leading locations for operating business, it ranked 8th for the ‘ease of doing businesses based on the world doing business 2020 report. Despite these comforts, there are several issues prevailing in the market of the UK which might create problems for the newly entering companies. One of the major arising issues is Brexit. The European Union (EU) was left by the UK on 31st January 2020, with a transition period till 31st December 2020. The new rules which will govern the relationship between EU and UK, took effect from 1st January 2021 (TMF group, 2021). Due to the emergence of the pandemic, the true impacts of Brexit on businesses operating in UK are yet to be assessed appropriately. Some of the issues, which have started to emerge since the parting of the UK from the bloc are limited trade with the countries, additional checks of customs and deepening shortage of labour.
Another highlighting issue is commencing a business in a completely new location. A company can be formulated and incorporated in the UK in 48 hours; however, it takes on an average 18 days to be done with all the procedures of administration. Among the time spent in the whole process of administration, the lion’s share of the time goes into dealing with Her Majesty’s Revenue and Customs (HMRC) along with registering for a withholding tax on incomes which is called PAYE (pay-as-you-earn) (Bjola, Cassidy & Manor, 2019). The newly entering foreign companies to the UK should be aware of the fact that through the Registrar of the companies, all the accounts of the companies of the UK are subject to public disclosure. Furthermore, the fees charged for the administration procedure are minimal, though the number of procedures can make the process a bit laborious for the businesses.
The construction permits in the UK are comparatively streamlined which takes under 100 days with only nine procedures. However, obtaining the permission for a foreign company in respect to planning from the relevant authorities is a difficult task (Zgodavova, Hudec & Palfy, 2017). Furthermore, getting water and connections for sewerages takes the longest times along with being the costliest elements. Registering a property in the UK in order to operate a business is an effortful task. According to the figures of the World Bank 2020 report, the process takes a total of six procedures with 22 days each on an average (TMF group, 2021).
Contemporary issues
Cultural barriers
The British are quite reserved and distant in nature; hence, the initial procedures, which need to be conducted has become a bit tricky for the new foreign companies trying to enter in the UK. in this part, time is a very important factor (Dominguez & Mayrhofer, 2017). As reaching a point of decision is a slow and laborious job therefore, needing a high level of patience while dealing with the British.
Legal issues
While starting as a new foreign company in the lands of the UK, it is essential to be accustomed to the legal processes of that place in terms of employing staff in order to avoid the risk of tribunal claims (Helen, 2019). Some of the legal requirements are complying with the national minimum wage rate, checking employee right to work, applying equal opportunities, and checking health and safety and others.
Section 2 Challenges and competition to trade with EU
Based on the findings of the above section it has been seen that the political environment of the UK impacts the operations of foreign countries in its market both positively and negatively (Shahvaroughi Farahani, 2021). However, when it comes to challenges and competition faced by the UK while dealing with regional trading blocs like the European Union, there are several challenges that have come to light. In this regard, the majority of the challenges have occurred due to the occurrence of Brexit as the UK is no longer a part of the European Union; therefore, the benefits that countries have been a part of the European Union would no longer be enjoyed by the UK.
Competition with countries within the EU
The most significant advantage of countries operating within the European Union is the transparency of taxation they enjoy while trading with other countries within the European Union. There is also easy access to markets that have consumers of over 500 million (Pandzic, 2021). Apart from that, simplified administration is another additive advantage of countries present within the EU. These are some of the advantages that UK would not have after exiting from the EU, therefore, there is a significant challenge for the country to establish trade relations with the countries present within the EU. Apart from that, it has also been seen that the European Union acts as a protective barrier for countries that operate within its framework and do not provide specific benefits for other countries that are not a part of this association (Berthou et al. 2020). Therefore, trading tariffs and taxation are quite high for non-EU countries to trade with countries present within the EU. This has significantly increased the challenges for the UK as the majority of the trade that the country does with the countries within the EU and after exiting from you the UK has to ensure that its trade and businesses with these countries continue without major difficulties (Cubells & Latorre, 2021). However, to no avail, there are a number of tariffs and taxation policies that have been levied upon by UK as it is no longer a part of the association. This is turning out to be a huge trade barrier for both the businesses operating in the markets of the UK as well as other countries that had great relationships with the UK.
At present, the country after exiting from the European Union UK is facing one of the worst declines in trades. As of March 2021, the country’s trade has dropped by 14.3%. In terms of trade, it has been seen that comparing both exports and imports of UK, the exports have performed the worst by falling down 17.4%, while other imports of the country have dropped by 11.8%. The country’s trade with the European Union has been dropping ever since 2020; however, the downward trends in the trade sharply increased after December 2020 (Atradius, 2021). By comparing the trade of January 2021, it was seen that the country’s trade dropped by 17.1% and this started the annual decline in the country’s trade with the European Union.
Challenges faced by the agricultural sector
The agricultural sector of the UK is intertwined with several countries operating in the European Union and the agricultural sector of other countries therefore one of the worst-hit sectors. The UK has major agricultural relations with some of the significant countries present within the European Union; thus, the policies established by the European Union might affect the agricultural trade of the country (Montalto Panella, & Sacco, 2021). For instance, the European Union has fixed various tariffs for different products, for instance, tariffs on various types of beef are beyond 70-100%, similarly, the tariffs on the import of Potatoes are 4.5%, Leeks 10.4% and for Broccoli, it is 13.6% (Atradius, 2021). These are the tariffs that non-European countries need to pay for importing into countries present within the European Union. However, these tariffs are not applicable for the countries that are within the European Union; hence, it is a significant advantage for countries within the EU and a disadvantage for countries that are not a part of the EU. Companies like Carr’s that trades water biscuits for beef and farm animals to over 50 counties, National Milk Records, where 7,000 farmers have a 9% stake and NWF that has a market share of 8% in the UK’s feed market would be badly hit with tariffs being placed by EU on UK companies (Ft, 2020).
Challenges faced by the manufacturing sector
The manufacturing sector present within the United Kingdom was also severely hit due to the occurrence of Brexit thus the trading benefits that it used to have as a member of the EU are no more applicable for the country. This drastic impact on the manufacturing sector of the country was much worse due to the fact that the manufacturing industry of the UK accounts for around 10% of the entire economy. Adding to that, 45% of the country’s exports come from the manufacturing industry and more than half of the country’s exports of the manufacturing industry are carried out with the countries that are part of the EU (Euro News, 2021). As per reports it has been seen that manufacturer’s operating in the markets of Britain have faced a record height increase in terms of supplies in disruption which has not only increased cost but has also disrupted their overall business. The main reason for such disruption is Brexit and the Covid-19 pandemic combined which has affected the business of several manufacturers while many of them have lost their business entirely.
Challenges linked with employment
As the majority of the industries operating within the markets of the UK were very badly hit due to Brexit; the employment within the country was also badly affected. Many individuals who operated within the automotive industry for the manufacturing industry lost their jobs. Jaguar Land Rover owned by Tata Motors operating in the UK announced that 500 jobs would be cut in the UK as a result of Brexit (Investment monitor, 2021). The markets of UK are one of the most important locations for Jaguar land rover as 77% of the company is a shipment and manufactured and exported from the markets of UK, therefore, cutting down jobs in Jaguar Land Rover can be seen as a major step that has come out as a result of desperate measures (Business standards, 2021). Not only that, but there are other companies operating in the financial sector such as Barclays Bank that moved out of the UK to settle in Ireland, as a result of which the Bank removed assets worth around £166 billion and created 150 jobs in the country’s capital rather than in the UK. It has also been estimated that the UK can lose up to 526,000 jobs because of Brexit (Purplecv, 2020). As estimated by the government of the country 3.3 million jobs out of 33.8 million jobs across the UK are linked with exports; therefore, the decline in the exports would affect all the 3.3 million people.
Automobile sector challenges faced by the UK after Brexit
The automobile sector in the UK has been one of the most prominent industries where companies like JaguarLR, Triumph, Lotus, Aston Martin, and MG operate. However, due to the occurrence of Brexit, these carmakers have faced a drastic decline in terms of exports (NY times, 2021). The automotive industry of the country achieved a turnover of £78.9 billion and added 15.3 billion to the country’s economy annually; however, a sharp decline in the production of vehicles was seen in 2020 where the manufacturing of vehicles declined from 1,300,000 in 2019 to 920,000 in 2020 (Investment monitor, 2021). As per trading statistics, it has been seen that 8 out of 10 cars manufactured in the UK are exported to foreign countries and most of these are located within the European Union and due to the occurrence of Brexit these export figures might be affected to a great extent (Acea Auto, 2020). Not only that but the supply chain of the majority of the automotive companies like Jaguar and Aston Martin are dependent upon parts that are procured from several countries in the UK like France, Italy, Germany, Belgium, and others that are part of the European Union. A single-vehicle requires 30,000 parts and if tariff and customs duties are going to be levied upon each part, then the cost of manufacturing vehicles would increase significantly in the markets of the UK (Investment monitor, 2021). In the long run, this could result in many automotive companies shifting their manufacturing hubs from the UK to other countries within the European Union to cover their operational costs.
Financial services
The financial sector of the country is another important part of the British economy as 8% of the UK economy is held by its financial sector. 3.4% of the 33.8 million jobs present in the UK are within the financial sector (Ukandeu, 2021). In terms of the UK the financial services provided by the companies operating in the markets of the countries are more involved in exports and other imports; Hence, the free passporting rights that these companies had being a part of the EU would marginalize. However, compared to other industries the financial services sector within the country has been left to a separate process which would be decided in future outcomes. This has left some hope for companies operating in the financial sector of the country (Euro news, 2021).
Section 3 Steps taken by UK to minimize challenges
As per the above mentioned challenges, there are several initiatives and steps undertaken by the UK government in order to overcome the issue and boost the efficiency of the foreign trade. Therefore, there are several strategies mentioned below that are being implemented by the UK government for the future of foreign trade.
Strategies to minimise challenges faced by the agricultural sector of UK
Brexit has already influenced negatively over the trade and commerce of the UK, as the country suffers from several issues and challenges over the agricultural sector. According to the study of (O’Neill, 2021), in 2020, the UK agricultural sector will contribute around 0.59% to the GDP which is considerably low compared to other sectors. The government of the UK has taken an initiative to improve the way of agriculture in the country by increasing the value of Research & Development (R&D). Apart from this, the UK government has expanded over £140 million from the last decade to improve the business operations of the agricultural sector of the country (Shahbandeh, 2021). The farmers have been provided with several latest technologies that will efficiently allow them to produce better with less effort. The automation in the agricultural products helps in saving time along with reducing the potential errors that can affect the farmers production (Crown copyright, 2020). The Countryside Stewardship agreement helps in allowing the farmers to be productive along with engaging them in the environmental works for which they will be paid. Apart from this, the Pick for Britain website has been launched in order to help those farmers who have lost their job due to the seasonal farm labour. Furthermore, Defra launched Framing Recovery Fund that helps the farmers to recover from those losses from the floods in the part of North and East Yorkshire, Staffordshire and many more majorly the flood affected areas (Crown copyright, 2020). Agriculture is the major part of a country which plays the part of the foundation of a healthy economy.
Strategies to minimise challenges faced by the manufacturing sector
Manufacturing is the most essential part of the economy of the United Kingdom. The level of innovation and productivity in this sector allows the UK to be technologically advanced in comparison to the other countries. The manufacturing industry of the UK is very diverse, along with this, the manufacturing sector contributed 17.83% into the GDP of the country (O’Neill, 2021). The manufacturing industry is considerably huge, the food and drinks contribute 15.1% whereas transport contributes 14.9% to the GVA of the country (Makeuk, 2021). Furthermore, organisations like Unilever, Rio Tinto, Rolls-Royce, and many more are the biggest companies involved in the manufacturing industry of the UK. However, the government is trying to take a step towards the sustainable approach in the manufacturing industry in order to reflect a positive impact over the society along with building the environment greener. Along with this, the government is taking initiative to improve the human capital and support the small and medium enterprises to become more competitive in the marketplace (Takami, 2021).
Strategies to minimise challenges linked with employment
A country’s human capital is the most important element that helps the country to be successful and productive globally. As mentioned by Smith et al. (2021), improving employment across the country will provide flexibility and help in becoming competitive as well. Having a well-balanced workforce brings improved output for the country. Most of the people have suffered due to the recent pandemic and many of them have lost their jobs because of the sudden exit of the UK from the European Union (Smith et al. 2021). The Job Retention Scheme has been introduced by the government to help the workforce and the companies as well who have to face several losses due to the outbreak of Covid-19. 80% of the employees’ wages will be initiated to be paid by the government along with imitate placements across the country (KPMG, 2021). Apart from this, the employees have been provided with relaxation in their annual leaves and loans as well. One of the most appreciable steps that have been undertaken by the UK government is by announcing the fund that has been raised by the government for the frontline charities for £750 million (KPMG, 2021).
Strategies to minimize the influence of Brexit on the Automobile sector
The automobile sector like all the other industries operating within the UK is also in peril due to Brexit. However, as per reports, it has been seen that the government of the UK has no current plans apart from promoting electric vehicles within the country’s market (Autocar, 2020). As a result, the only move the Government of the UK has taken in terms of supporting the automotive industry of the country is providing £49 million for projects that would be aimed towards the development of electric vehicles (Gov, 2020). The government of the country believes that this would not only help in reducing the overall carbon emissions in the country but would also help in creating new jobs. Therefore, this can help in reducing the crisis of employment as well as help existing automotive companies to revive (Gov, 2020).
Strategies to minimise the impact on the financial sector
To support the financial sector the government introduced the Furlough scheme which was introduced in order to support job retention and employees working in the financial sector and other industries (Wired, 2021). The government has also supported banks and several major banks like Barclays and HSBC have the financial capability to continue supporting household and small businesses. The debt ratio of several businesses has increased during the past year and the financial sector is working towards supporting these businesses and entities. However, the support from the government and the various financial entities operating within the sector needs to increase as the Furlough scheme is almost at its end (BBC, 2021)
Conclusion
Based on the findings of the above report it can be clearly identified that Brexit has had both positive and negative impacts on the country’s economy. However, considering the present situation of the country it is necessary for the government to take adequate steps to revive the various industries that are struggling to make a mark in both the domestic and global market. It is essential for the Government of the UK to establish trade relations with other countries that are not part of the EU. Moreover, it is also essential for the organisation to bid towards free trade relations with countries like Australia, USA, India, and other major developing economies. Brexit has caused a major discomfort to many industries; however, this can be changed into an opportunity if the country’s manufacturing industry can explore developing markets where the demand for products is high. In this regard, the companies might need to compromise on price; however, that risk can be minimised by the quantity of export the country does to some of the major developing economies around the world. Moreover, Germany is also on the verge of leaving the European Union therefore establishing a strong trade relationship with Germany can help both these countries to survive and thrive outside the European Union.
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