Impact of Brexit on local companies is ‘huge’ says foreign exchange expert

PUBLISHED: 05:18 31 January 2020 | UPDATED: 13:28 31 January 2020

James Feltwell of foreign exchange brokers 1FX  Picture: KATE HORNE

James Feltwell of foreign exchange brokers 1FX Picture: KATE HORNE

Linear Media

Most of the negative impact of Brexit on Suffolk-based businesses has already happened, a financial expert believes.

As we gear up for Brexit day (Friday, January 31), Felixstowe-based foreign exchange broker James Feltwell thinks the worst may be behind us - meaning 2020 could be relatively plain sailing.

"Brexit will have a huge impact on local businesses, particularly as a large chunk of Suffolk-based businesses are associated with the Port of Felixstowe which by proxy has an overseas international element," he said.

MORE - Café 'launches like a steam train' as queues form

"However, we believe most of the negative impact has taken place in 2019. This was a real transitional year with Brexit deadlines being ignored by parliament, a change of guard at the helm of the Conservative party and a general election."

With the uncertainty of 'will we? won't we?' now behind us, and issues over stockpiling and trading relationships which resulted in "a strange form of 'Brexit paralysis'", things could be looking up, he said.

You may also want to watch:

But all the questions raised, and the lack of clarity, including on how it would affect the pound, has had an impact, he admitted.

"Before you know it small business owners have taken their eye off the main function of their business and as a result, the economy suffers," said Mr Feltwell, who owns 1FX, and has more than a decade of experience in the foreign exchange industry, working in London before moving back to Suffolk two years ago.

"2020 by comparison is set to be based on much calmer waters with the Brexit withdrawal agreement agreed and implemented in parliament with a clean Conservative majority."

The main issue ahead will be around how the European Union reacts, and whether they 'play ball' over prime minister Boris Johnson's December 2020 deadline to be out, he believes.

However, he feels a more positive year lies ahead.

If you value what this story gives you, please consider supporting the Ipswich Star. Click the link in the orange box below for details.

Search hundreds of local jobs at Jobs24

Become a supporter

This newspaper has been a central part of community life for many years, through good times and bad, serving as your advocate and trusted source of local information. Our industry is facing testing times, which is why I’m asking for your support. Every single contribution will help us continue to produce award-winning local journalism that makes a measurable difference to our community.

Thank you.

Most Read

Most Read

Latest from the Ipswich Star