Brexit has affected the British economy in many ways. Many industries have experienced a great deal of change in a short period of time. One of the industries that have experienced change is the security industry. Ever since the referendum has passed in 2016, things are no longer the same. As we come closer to the aftermath, it is important to know about the effects that Brexit has brought upon the security sector.
- Less Investment from Outside the UK
One of the biggest changes that the Bristol security companies have experienced post-Brexit is less investment from outside the UK. Investors in EU nations are rethinking whether to invest in the British security industry. They are opting out of the industry and are looking for other avenues within the EU. This has resulted in a slowdown of the industry. However, the coronavirus pandemic has led to substantial growth in the security industry. Many new opportunities have popped up. As there is less investment from outside, it has also been beneficial as British investors are more concerned about their country and are more willing to invest in programs that help benefit the country as a whole and not just their pockets.
- Fewer EU Security Personnel
Another change that Brexit has brought in the security industry is that there are fewer EU security personnel today than ever before. This has led to more locals filling up positions which mean that they are likely to be more interested in the overall wellbeing of the country. As there are fewer EU security personnel, it has resulted in more English-speaking security personnel which are benefiting the overall security of the country as security guards and personnel requires superb English-speaking skills which most of the immigrants lacked. Hence, more action is being taken which is benefiting everyone.
- Increased Cost of Security
Although it has been beneficial to employ English-speaking security personnel, it has also led to an increase in the cost of security. Security companies now need to pay more to hire staff than before since Eastern Europeans were more willing to find employment in Britain for less as long as they were employed. This is increasing the cost of security which is influencing companies to increase costs. Thus, the cost has been passed onto the general public.
- Increase in Cost of Security Equipment
Finally, Brexit has also increased the cost of security equipment as British security companies need to pay more to EU manufacturers as they no longer enjoy common market costs. This has led to an increase in the cost of security as well. However, more British investors are deciding to set up manufacturing units in the country to avoid reliance on EU manufacturers which is helping create more jobs.
Once you have gone over this post, you will know about the changes the security industry has experienced after Brexit. A lot has changed within a short period of time. It is only a matter of time until everything is finalized.