Added to that complexity is the recent imposition of border controls that have significantly increased the cost of importing goods from the EU for certain sectors.
I expect many businesses, particularly smaller ones, would love for the UK to rejoin the customs union and/or the single market.
At the very least, the government needs to improve the implementation of the EU-UK Trade and Cooperation Agreement to allow for greater trade facilitation.
Looking ahead
Whoever wins the forthcoming election, it is fair to say the chancellor will have a big job ahead. There is a lot that needs to be done and many competing priorities to balance.
As accountants and trusted advisers to individuals and businesses, we have an incredibly important role to play when it comes to helping our clients through periods of change like this one.
We do not know yet who will be in Westminster later this week, but whatever policies they implement, it is our role to interrogate the details, understand the direction of travel and help our clients to make informed decisions that are in their best interests.
Andy Rich is the managing partner of HW Fisher
