Is Brexit Bad For The Construction Industry?
Most business owners were fearful of the vote for Brexit last year, as change, especially dramatic change like that proposed by leaving the European Union, always seems to hit businesses the hardest. Here at MTeevan we’ve spend years struggling to get our business off the ground and the last thing we need is a recession due to Brexit.
For example, farmers are complaining because they are going to get their extortionate EU subsidies cut, and that could have a direct impact on us as a tool/plant hire business.
We supply a vast range of mechanical goods to a variety of industries, and farming industries are one of our biggest customers. If cuts keep happening, it will eventually reach the tool rental business and this could affect thousands of jobs. The reality is very, very real.
We’ve already seen a slump in the pound since the vote last June but the full implications of extracting ourselves from our soon to be ex-Europeans partners is yet to be seen. I know personally a lot of businesses that are worried about the impact this is going to have, especially when you hear the zeal in which European ministers are out for revenge.
Only time will tell, but from my experience economy disruptions always have an impact on the construction industry and many of us remember past recessions that took a huge toll on our income and family life.
Let’s hope it doesn’t happen this time around, but I’m doubtful.