There are many opportunities that could come from Brexit when considered from a legal point of view.
While the Continental legal system is based in laws, the UK is based on the Common law. Arguably, this is why EU growth is so slow as you can only do what you are allowed to by law.
The UK has been always based on what it considered reasonable and therefore has not been part of the Schengen agreements and, of course, never been part of the EURO.This has allowed the Sterling to be highly competitive but restricted by the EU regulations.
Now, with Brexit, the UK has the opportunity to reinforce their traditions and their Common law without the restrictions that the EU regulations dictate.
Another major opportunity is free trading.Now the UK will be able to free trade with the most competitive countries that have arisen due to globalisation such as Asia, Africa and South America and continue to reinforce the Commonwealth not needing the authorization of the EU, which will allow the UK to became more competitive and to complete bilateral agreements with any country.
Not to mention the huge opportunity that Brexit brings to export with no restrictions UK products to any non-EU country.
The agriculture industry will also face a big improvement as the harsh restrictions from the EU regarding the Common Agriculture Policy (CAP) will be erased. The elimination of this restrictive policy alone will mean an instant benefit in British agriculture, as well as the ability to be able to import our food tariff-free, which could result a big fall in the cost of living.
If we look to future agreements to seek a long-term benefit, with the UK buying products at world prices with no tariff barriers dictated from the EU, we will be able to reach agreements with any country in the world, even the poorest in a common benefit. This could create new trade partners and long-term deals for both countries.
Let us not forget, with the UK entering the EU, the ruin of our fishing industry under the pretext of over fishing and exceeding the EU-dictated fishing quota was produced. By leaving the EU we will be able to, not only recover our damaged fishing industry, but strengthen it by an Iceland-style system of trade able quotas promoting and protecting our biodiversity.
As London is a worldwide financial powerhouse and only 40% of UK financial services go to the EU, the UK can take advantage of its World-leading situation as a global benchmark and expand its financial services by improving the agreements in the absence of restrictions from the EU.
The message is clear: the UK has done its homework and created a system of bilateral agreements free of restrictions for a strengthened exit from the EU. The UK is already a country where it is tremendously easy to set up and trade as a company, with the exit from the EU, as the Common law supports Enterprise, the possibilities are limitless.
Graham Hughes, accountant.