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Keep calm and carry on! Brexit's effect on the UK Workforce

Keep calm and carry on! Brexit's effect on the UK Workforce

So the nation has chosen to progress leaving the EU with a popular vote of 52%. Whether that was a result that was expected or not, the voice of the people has been cast with change into the future inevitable for both the UK, the European Union and the rest of the world – a wake up call for many. Globalisation may need to reconsider its relevance in reality to people – something’s are appropriate and other things not. There’s Global, Glocal and Local (and ever that were true it is evidenced in international Payroll).

So what’s changed, apart from volatility in currency and stock markets? So far very little…

Right to Work Legislation has not changed, the process remains as it is. As to the future, there is some distance to travel yet.

Taxation – well presently there is no change before announcements at the Autumn statement. The current planned changes with further devolvement of Scottish Taxation continues as before, but maybe with a little twist in the considerations.

National Insurance alignment progressed, and whether Class 1 primary is merged in with tax and a new Employer tax similar to 2ndary NICs maybe – the debate and consultations will go on until we hear otherwise.

Maternity and Paternity rights continues with extensions proposed with regards to Grandparents.

Student Loans are now already being offered for Post Graduate degrees and Termination payments are still being investigates with added Class 1A NI liabilities proposed.

People still earn salaries and work and have payments and these are still paid into the UK banking system (in the majority). The trains and buses still run, the NHS is still continuing. Our children still go to school and education in Universities continues.

What appears inevitable is major change in politics, so much so that it may not seem the same again. In the short term, there is little to no change to the operation of payroll and current plans continue.

So what major action do we see impacting payroll? Not a lot for the time being. Once the new government have a plan for Britain, things may change; but so far it is predominantly business as usual.

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