What Does 'Brexit' Mean For Philadelphia?

By Ian Bush

PHILADELPHIA (CBS) -- Britain isn't the only place affected by 'Brexit': Philadelphia businesses with dealings overseas are also looking for guidance as the United Kingdom prepares to leave the European Union.

Answers are promised at a seminar on Thursday in Center City.

These are times of political, social, and economic uncertainty for the UK, which, despite what British Prime Minister Teresa May says,

"Brexit means Brexit."

...is still trying to figure out just what it means to exit the EU. For companies here with a foothold in the region?

"Any changes in the regulatory environment, the legal impact, how employment is managed, all are going to affect those businesses in ways that companies are still seeking to determine," said Michael Pedrick, a director of the British-American Business Council of Greater Philadelphia.

He says to expect challenges, but also, "Many businesses also want to be alert to what opportunities this may provide. Anytime there's change, depending on the business, there's also opportunity," said Pedrick.

The council is hosting the British Director of International Trade in the US, along with other speakers at a lunch on Thursday, September 15th at Morgan Lewis at 17th and Market.

Philadelphia