Spellman’s Update on Brexit Strategy
10 January 2020 BREXIT UPDATE
The latest UK Parliamentary vote gives approval to the 11-month transition period after 31 January. Assuming the European Parliament also gives its approval, the UK will formally leave the EU on 31 January with a withdrawal deal.
The UK will enter a period, known as the transition, until 31 December 2020. Although the UK will cease to be an EU member, the trading relationship will remain the same and it will continue to follow the EU's rules.
The purpose of the transition period is to give time for the UK and EU to negotiate their future relationship, including a trade deal.
BREXIT has created concern for many businesses importing and exporting to/from the UK & Northern Ireland as the market awaits the outcome of important elements affecting the Customs Union. The European market is a very important part of the Spellman High Voltage business and as such our teams are assessing the business risks and providing recommendations on investment strategies in order to mitigate potential impacts. Our focus has been on resources, supply chain, inventory and warehouse capacity and we will leverage our global footprint to ensure a seamless transition no matter the future relationship between the UK and EU.
Spellman has achieved the AEO Full Certification (GB AEO F/00393/18) and has ensured it has a UK EORI Number.
Depending upon the outcome of the negotiations in the transition period, all EU customers and suppliers importing and exporting to/from Spellman UK will need to have an EU EORI Number (https://www.gov.uk/eori). Having this in place before the end of the transition period will ensure we can keep delivering and receiving products quickly and consistently.
It is very important that we understand our customers' and suppliers' challenges and concerns as well as their own readiness plans. Our intention is to provide ongoing communication concerning Brexit and any updates as soon as we become aware of them.