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Brexit – disaster or opportunity?

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Today, 24th June 2016, we, the British electorate, have made a decision that will impact business, and the careers of those working within businesses, forever. With an incredibly narrow margin, the result of the referendum is that Britain will leave the European Union.

Today, 24th June 2016, we, the British electorate, have made a decision that will impact business, and the careers of those working within businesses, forever. With an incredibly narrow margin, the result of the referendum is that Britain will leave the European Union.

The result is a surprise for many and not an outcome that is welcomed in all quarters. Leaving the EU is not a popular decision amongst the vast majority of businesses we have spoken to today. Opinions have been  universal in the view that it is a bad decision for business and that the leave majority was largely driven by those of an age that it will, frankly, not affect, or those that bought the spin that suggested that leaving the EU will mean a further £350 million a week for the NHS. Those who bought the rhetoric about leaving the EU ‘solving the migration crisis’ may find the opposite to be true – now that the UK will not be part of the EU, all the French Gendarmes who have been working so hard to stop the migrants from coming through the Tunnel and across the Channel are more likely to be waving them all through with ‘Britain this way’ signs – after all, we can’t send them back, we’re not part of the EU! Words like, ‘catastrophe’, ‘unbelievable’, ‘tragedy’ and, ‘disaster’ have all been offered as descriptions of how businesses view it.

So, is this momentous and historic decision really a disaster?  It will certainly have huge implications for the data centre and IT industry – not least in terms of data sovereignty. Companies faced big enough problems tackling the fall out of Safe Harbor, now they have to grapple with new sovereignty issues across Europe. The Information Commissioner’s Office knows this. They published a statement about data protection within hours of the result, but what does this mean for business?

All businesses will need to watch carefully what happens over the coming weeks and months. Nobody, (not even on the ‘Leave’ side), knows what the full ramifications of this decision will be. Much of what will unfold is, as yet, unknown. Businesses will need to be agile enough to adapt swiftly to the new environment and fast to make necessary changes.

Whilst this decision is definitely not the one that we were looking for, it will result in many opportunities in the future for agile businesses like MIGSOLV to support the huge number of changes that will inevitably occur because of the Brexit decision.