Mersey Maritime - A driving force for the maritime industry on merseysideMersey Maritime - A driving force for the maritime industry on merseyside

Category : Monthly Ezine

By Mersey Maritime

April E-zine

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By Mersey Maritime

Mersey Maritime engages with UK’s two biggest political parties

Mersey Maritime has made its presence felt at the annual conferences of Britain’s two main political parties as it looks to cement its position as the leading voice in the UK’s maritime strategy.

With both Labour and Conservatives closely matched in the polls, it is crucial for the organisation to make sure it establishes and maintains strong relationships with the leading figures in both parties.

Lunch event

During the Labour Party Conference in Liverpool, Mersey Maritime joined forces with Maritime UK to to organise a lunch on board Merseyside’s only floating restaurant, Floating Grace, attended by members of the shadow cabinet and by local maritime firms.

The session proved invaluable in offering companies the chance to speak to leading opposition politicians and, in turn, the politicians themselves were offered a fascinating insight into Liverpool city region’s £4bn maritime sector.

Driving growth

And the following week, Mersey Maritime chief executive Chris Shirling-Rooke, spoke at an event at the Conservative Party conference in Birmingham the following week called Coastal Powerhouse: The Role of Maritime in Driving UK Growth.

Other speakers included Sir Bernard Jenkin, MP for Harwich and North Essex, John Murray, chief executive, Society of Maritime Industries, Tim Morris, chief executive, UK Major Ports Group, and Jonathan Roberts, communications director, UK Chamber of Shipping.

Mr Shirling-Rooke told those present how Liverpool city region’s maritime sector was a powerhouse that had established itself as the most successful maritime industry cluster in the UK and how it now had a great opportunity to prosper from increased transatlantic trade in the post-Brexit world.

He said: “Mersey Maritime and the Liverpool city region cluster model is now seen as the exemplar for the maritime sector by the Department for International Trade and we expect our model to be rolled out nationally.”

Challenges and opportunities

Talking about Mersey Maritime’s presence at both conferences, he said: “At the end of next March Britain will leave the European Union in what is probably the most significant change the UK has experienced in decades.

“Maritime is a growing global sector and Brexit will provide both challenges and opportunities for Merseyside and UK firms.

“We wanted to get the message out loud and clear to our political leaders that the Merseyside maritime sector is ready to take a lead role in our post-Brexit future and help push forward the UK economy.”

By Mersey Maritime

Member of the Month: RSM

With the possible Brexit date of March 29, 2019, drawing closer, the lack of certainty and potential implications remain for many businesses. Although the final outcomes are unknown, the possible options and available models are, therefore businesses can undertake possible testing and planning now in preparation.

In September, accountancy firm RSM joined forces with Mersey Maritime to host an event at its 20 Chapel Street office, in the heart of Liverpool’s commercial district, to discuss the variety of potential indirect tax impacts of Brexit, including cash flow constraints, additional costs and logistical implications.

Andy Gott, associate director and indirect tax specialist at RSM, said: “Currently there is a lack of information and certainty on what businesses can expect once Britain leaves the EU and there is a particular concern about what a no-deal Brexit will mean for businesses.

“While we don’t have all the answers – at this point, no one does – businesses can still explore the impacts of likely models and the possible implications on their supply chains by scenario planning the possible outcomes.”

The key message from the session was ‘preparation’. While some larger businesses are already planning for the different outcomes of negotiations, many mid-sized and owner-managed businesses may struggle due to resource constraints and have adopted a ‘wait and see’ attitude, which could be a risky strategy.

Possible areas that businesses could be addressing include

  • Reviewing supply chains – how could they be affected under a ‘no deal’ scenario? Even if your business is buying from a UK supplier, are they in turn importing components or raw materials from the EU?
  • Considering the impacts of delays for goods moving through ports and Customs.  The possible delays could arise from the additional checks and declarations required post-Brexit but also from the possible implementation issues of HMRC’s new import declaration system.
  • Stress testing margins for possible additional customs duties. Businesses should begin considering introducing Brexit clauses into contracts.
  • What are the cash flow implications on the business of additional import VAT?
  • Are there any mitigation opportunities that could benefit business post-Brexit, for example customs warehousing?

RSM is a leading audit, tax and consulting firm to the middle market with over 3,800 partners and staff operating from 35 locations throughout the UK. For the year ending 31 March 2017, RSM generated revenues of £319m.

RSM UK is a member firm of RSM International – the sixth largest network of audit, tax and consulting firms globally. The network spans more than 120 countries, 800 offices and more than 43,000 people, with a fee income of $(US)5.1bn.

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Mersey Maritime engages with UK’s two biggest political parties
Member of the Month: RSM