As we all let the views and opinions on the EU Referendum decision sink in, we have spoken to the IPM for their comments. As a key part of the self-regulatory process, the IPM is well placed to understand the industry impact of Brexit.
Graham Temple, Chairman of the IPM gives his reaction to the Brexit result that the UK has voted to leave the EU “With the decision to exit the EU this morning, the promotional marketing community will be assessing how this will impact us, our members, our businesses and our brands. It is clear that once we have absorbed and rationalised the initial news, we will start the process of looking at what happens next. With a potentially long process ahead, the IPM is engaged with our close working partners in the UK and Europe”
Temple goes on to praise the UK marketing industry “The UK boasts some of the most creative, problem solving minds on the planet and when it comes to promotional marketing, we have demonstrated for decades tenacity and versatility to overcome barriers that present themselves. Disruption provides the best growth opportunities and adaptability is key to the UK creative industry to staying on top – it’s in our DNA.”
On what will happen next, it is certain is that our industry bodies will be coming together with CAP and the ASA to look at our self-regulatory codes which have always been a demonstration of industry self-imposed control. The process will take time – two years at least. The steps to exit must be triggered by Article 50 of the Treaty of the European Union and with the news that Cameron will step down, this will now be passed to the next incoming Prime Minister to take this step.
With well reported European wide initiatives underway, such as the GDPR, the DMA have advised today that we must continue to respect the rights of EU citizens when trading in these markets. Promomarketing will report on developing implications of the exit once known. With comments from ISBA, IPA and other bodies all stating similar advice; its keep calm and carry on!
In a final word from the IPM, they advise contemplation “Now is the time for sound, rational thought about our future and the IPM will be working with our trade body partners to ensure a measured and cohesive approach is taken across the industry. What is clear is that the immediate action on how we regulate ourselves will be less dramatic as key changes will take time to work themselves through.”
The IPM issued guidance on how the CAP Code may be affected by an exit and we expect to see an update on this guidance shortly. Please contact the IPM’s advisory team should you require any further information about the immediate impact of Brexit on your campaigns on 020 7291 7730.