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BizReport : Law & Regulation : June 21, 2016

UK marketers unsure about impact of Brexit

Unsure as to how the impending EU referendum will impact the business you work for? You are not alone, according to a recent survey conducted by the Chartered Institute of Marketing.

by Helen Leggatt

Is Britain 'in' or 'out' of the EU? The UK won't have long to wait with the EU referendum taking place this week (23 June).

In the meantime, it appears that nearly two-thirds (62%) of marketing professionals in the UK feel they do not know enough about how the result of the EU referendum will impact the business they work for.

"The referendum is dominating the news agenda and conversations, but our research shows that many marketers are not considering the potential impact that it could have on their activity and the organisation they work for," said Chris Daly, chief executive of CIM.

In fact, more than half (51%) said that neither they, nor the business they work for, are making any preparations for an 'out' outcome. However, as Daly points out, while Brexit, or an 'out' outcome, may mean bigger changes, "if the UK stays in the EU, marketers need to know about new laws and trade arrangements that will affect the job they do".

Additional findings from the survey include:

- 45% of marketers surveyed said the business they work for does not know enough about the consequences of the EU referendum;

- 80% want more information on the impact of new EU laws on issues such as data protection, employment law and competition regulations;

- 68% said more information on the implications for trade with Europe and the U.S. would help them prepare for the EU referendum result.

As a result of their findings, the CIM has produced a factsheet for marketers with tips on how they can prepare for the changes ahead. Such tips include building awareness of potential regulatory changes, taking time to discuss with colleagues the potential outcomes and how to prepare for them and ensuring they are ready for forthcoming changes to data laws.

Tags: Brexit, EU Referendum, law, marketing, regulation, UK

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