Brexit & Digital Advertising: What Comes Next?
Audience Store attended the IAB’s “Brexit Briefing Breakfast” this week, an event aimed at dissecting the most likely Brexit outcomes and shedding light on what the digital advertising industry should be doing to prepare for the United Kingdom’s exit from the European Union. The discussion, led by former Foreign and Commonwealth Office Diplomat Konrad Shek, set out a possible future for trade, data and e-privacy in the UK post withdrawal. Here are just a few key points the team took away from the morning.
While the EU Withdrawal Act will incorporate GDPR into UK law, there is still a level of uncertainty regarding the future flow of personal data from the EU/EEA into the UK.
The European Commission can grant the UK a status of data adequacy, meaning that it is deemed to have an equivalent level of data protection as those countries within the EU, however, this can only be negotiated once the UK leaves the EU.
The UK will likely adopt the EU’s latest ePrivacy Regulation, regardless of the country’s terms of exit.
Will Marketing Budgets be Affected?
One potential impact of Brexit is the lowering of consumer spending. Marketers will be hoping that this forecasted decrease, born out of the uncertainty regarding the UK’s future trade relationship with the EU, is misplaced. However, if consumer confidence is hit, brands may feel obliged to cut marketing budgets.
We left the event with a better understanding of the potential scenarios that could unfold in the coming months. Yet with just sixty-four days until the Brexit deadline, what is clear is that uncertainty still clouds its impact on the UK and its digital advertising industry.
Where can more info be found?
The IAB has also published a Brexit checklist to help navigate businesses through the Brexit process. Its advice:
- Make your organisation aware
- Review business plans
- Audit your contracts
- Signpost your EU workers to information on the EU Settlement Scheme
- Review future workforce plans and conduct risk analysis
- Continue to comply with GDPR
- Review your data transfers to and from the EU/EEA
- Review your European operation for GDPR compliance
- Review your data transfers from the UK to non-EU/EEA countries
- Audit personal data stores
For further advice and information, visit IAB’s Brexit Hub: https://www.iabuk.com/brexit