Posted by James Worrall, Partner
Formula 1 – The race against Brexit
The potential consequences of a no-deal Brexit have been making headlines across many sectors for a while; this month sees new voices added to the concerned chorus – those of F1 team bosses.
Last week, Toto Wolff, Mercedes Formula 1 boss, said that a no-deal Brexit would be “a nightmare scenario” for British-based teams, giving teams with continental bases a “massive advantage”.
We’ve put together a handy illustration to show which teams would be affected and how.
What are F1 teams doing about it?
While we are all waiting for the next meaningful vote on 12 March, F1 bosses have already put contingencies in place, like having more parts and thinking about how they would move parts and people in and out of countries. One advantage F1 has is a significant amount of muscle power, given it comprises so many strong individual companies.
As well as individual conversations with HMRC and other relevant UK authorities, teams are understood to be in conversation with Formula One Management and its logistical partner DHL.
If you have any questions about how your business should navigate the challenges of Brexit contact James Worrall:
01225 730 170 Email us
Brexit
From your business through to your personal life, we bring clarity to the Brexit negotiations.