London could lose its position as PR European capital post-Brexit.
So what are the main threats and opportunities?
Threats
International companies might not see London and the UK as a strategic door to the European market. They might decide to base their headquarters somewhere else in Europe.
Talent drain. Many international PR professional might see London and the UK not the best place to be and might decide to move to other international PR hubs.
From a PR agency point of view, exiting the single market might mean that services provided outside of the European Union can be taxed, posing a disadvantage for London and UK-based agencies.
These two events could have a negative impact on communications budgets and London as a PR hub.
Opportunities
Organisations might still require advice on Brexit and how this can potentially impact on their reputation outside the UK. Think about how brand ‘Britain’ could be affected, as the vote to leave the EU can be perceived as a sign of rejection and intolerance towards Europe. The PR industry have the opportunity to work on limiting the negative effects of Brexit on the British brand.
Expertise, established PR networks, renowned trade bodies like CIPR and PRCA, the availability of international PR professionals based in London, and an industry that is still very competitive globally might keep London and the UK a strong market for PR even after Brexit.
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Notes
The present piece is an extract from an article published by PRmoment.com in January 2018.
About the author
Roberto Napolitano is the founder of Intelligo Consulting.
Recently named in the top 50 insurtech influencers on Twitter, Roberto is an expert in strategic marketing, content marketing, digital, PR and media relations with 14 years of experience in financial and professional services, technology, insurtech and asset management.