With new rules now gradually coming into force across all sectors in Wales, there is a need to analyse the uncertainties being faced across the current trading landscape, how it will impact businesses, and if executed properly, what benefits and opportunities a successful adaptation to the new rules can bring for the Welsh economy.
Business News Wales spoke to Dr. Richard Lang, a Senior Lecturer in Law at the Cardiff School of Management within Cardiff Metropolitan University whose research focuses on the EU Single Market and EU Fundamental Rights, to ask his view on how the Government is implementing the new trading rules coming into force across Wales and how particular sectors such as pharmaceuticals, entertainment and law will be impacted and the changes they need to prepare for.
You can listen to our full audio interview with Richard below:
“I think that Brexit uncertainties are being masked and we have to be wary of them, what concerns me most is the legal uncertainties […] and business people should be aware of what the law is. My concern is that there is not enough visibility as to what the law is now, because things have been rushed [by Government authorities].”
In order to address the visibility deficit, Richard has been working with his students on a new website, to be called the Brexit Law Tracker, to help individuals monitor the amendments made to EU Law since its incorporation into UK Law post-Brexit.
We also explore with Richard how SMEs will eventually be able to benefit from the new post-EU trading opportunities, thanks to the legislative influence of, and the development of corporate relationships with, their larger competitors.
“Small and medium sized enterprises are so much dependant on the bigger players, so as long as they can sort things out, and can nurture or develop [the relationships] with the smaller players, then they will thrive [under the new trading legislation].”