LIMA has voiced its optimism over the results of the General Election as the nation prepares to enter Brexit negotiation in just ten days time.
In what has been labelled a calamitous move from current PM, Theresa May, the Conservatives suffered a night of unexpected trauma that has resulted in a Hung Parliament in the early hours of the morning.
While the dust only just begins to settle over an incredible night of coverage, commentators are beginning to conclude that the likeliest government scenario will see the Conservatives hold on to power in a deal with the DUP.
Head of LIMA UK Kelvyn Gardner has voiced the industry body’s official stance of optimism over the result that is now suggestive of a softer government line on Brexit, one that stands to benefit the UK’s position in its access to the single market.
“The DUP is pro-Brexit, but wants to maintain an open border with the Republic of Ireland, and no customs or tariff barrier with its neighbour. Coupled with Theresa May’s weakened personal postion, this may well ‘soften’ her line on Brexit and lead to the UK’s continued access to the single market with some necessary compromises on our side,” Gardner told Licensing.biz.
“Business in general wants to maintain single-market access and an agreement on this will also safeguard, at least to some extend, value chains throughout Europe, which includes licensing.
“I am slightly more optimistic as a result of the election that this is good news for licensing in the UK and throughout the world.”
However, uncertainty still reigns supreme over the UK’s economy following the results with the pound falling further against both the dollar and the euro. This morning HSBC tweeted that it expects the pound to fall to $1.20 and that ‘defecit is unlikely to fall in this parliament.’
May has already defied calls from Party leaders to resign from her position amidst the disastrous Majority loss over last night’s General Election.
She is now expected to make the journey to Buckingham Palace by midday in order to form Government as the UK prepares to enter Brexit negotiations in just over one week’s time.