Creditsafe USA Inc., the world's most used supplier of company business intelligence, today released guidance to US companies looking to do business with companies in the United Kingdom. As one of the United States' top ten trading partners and greatest allies, the Brexit decision will undoubtedly effect the US business environment on both a short and long term basis. Currently, 30% of the US Fortune 500 companies have a UK company affiliated with their organization.
"The ramifications of the Brexit decision are a great unknown at this point," said Matthew Debbage, CEO, Creditsafe USA and Asia. "US companies with relationships with UK companies need to look at the potential effect of the Brexit decision. At first, the impact of this decision may seem slight but over the long term it could prove detrimental to the health of the business. We are already seeing significant concern for British companies operating in the areas of agriculture, science and the arts as they all receive significant subsidies from the EU. In addition, there's concern for many of the British financial institutions such as Lloyd's of London as part of their value was their EU connection. Without this, their future is unclear."
Creditsafe encourages US companies to carefully examine any part of its business with UK exposure. "Whether it's a UK customer, vendor, business partner or association, it's of paramount importance to look at the EU-dependency of the relationship. It is expected that within two years, the UK will officially sever its ties. If companies aren't prepared well in advance of this timeframe, the ramifications could be devastating."
The Brexit Effect to date:
- Rating agencies S&P, Moody's & Fitch have all downgraded Great Britain' Credit Rating
- Great Britain's currency the Pound Sterling falls below Friday's 31 year low
About The Creditsafe Group
The Creditsafe Group is the world's most used supplier of company business intelligence, with ten Creditsafe Group reports downloaded every second. Privately owned and independently minded, Creditsafe is looking to change the way business information is used by providing high-quality data in an easy to use format that everyone in an organization can benefit from.
Founded in Norway in 1997, Creditsafe has offices in countries all over the world including: the UK, Germany, France, Sweden, Ireland, Italy, Belgium, the Netherlands and the United States. Globally, Creditsafe employs over 1,200 people and has more than 90,000 subscription customers. Three years ago, the Creditsafe Group opened offices in the U.S. under the name Creditsafe, Inc. Its U.S. operations are headquartered in Allentown, Pa. with another facility in Phoenix, AZ. For more information, please visit www.creditsafe.com.
SOURCE Creditsafe USA