Brexit implications

Bain & Company BCG McKinsey
Recent activity on Nov 06, 2018
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Anonymous A asked on Nov 06, 2018

I was wondering what Experts thought about the ramifications of Brexit on the (UK and European) consulting industry especially in regards to recrutiment if there is a no-deal.

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Anonymous updated the answer on Nov 06, 2018

Hi there,

That's a difficult quesiton, and even senior partners who look at this issue very closely don't know for sure. However, some thoughts below, both my own and from conversations with colleagues:

- In the short term, any sort of change/disruption tends to be good for Consulting. If lots of firms have to re-organise their headquarters, plan for Brexit scenarios, etc. that means more work. There is already a lot of work going on, both in the public and private space, and this likely will keep going for next year or two.

- In the longer term, it really depends on what you believe a no deal brexit will cause. If a no deal brexit causes a recession, of course that will overall not be good for consulting, as there will be less overall spend on professional services. Additionally, more of the work is likely to be "less desirable" cost-cutting/headcount reduction vs. exciting strategy/expansion projects

- As more firms move their HQs into Europe, you might see also a number of partners and teams moving into Paris/Germany to serve their clients there. This will probably be especially the case in Financial Services, as London is currently the European Hub but is now being Challenged by Paris/Frankfurt.


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