RiskBrexitUK businesses ‘already feeling Brexit pain’

UK businesses ‘already feeling Brexit pain’

An Ipsos Mori poll of the UK’s largest 500 companies finds that more than half report that last June’s referendum result is already negatively impacting on their operations.

More than half of the UK’s biggest companies report that last June’s referendum vote to leave the European Union (EU) is already having a negative impact on their business.

Research firm Ipsos Mori polled 114 chairmen, chief executive officers (CEOs), managing directors and finance chiefs from the UK’s largest 500 firms. It reports that 58% said the Brexit vote was already having a negative impact on their firm and only 11% said it had helped business.

Two in three business leaders predict that their business situation will be more negative once Britain leaves the EU, although they are less pessimistic in the longer term: 32% predict a positive impact on their business in five years’ time and 45% expect to feel a negative impact.

The survey also found that many are particularly worried about losing access to skilled workers.

Ipsos Mori’s CEO, Ben Page, said that the results show that businesses are already feeling the pain of the economic upheaval of leaving the EU. “According to respondents there is no sign that this is likely to ease this year, with two thirds saying they thought their business situation would get worse in the next 12 months,” he added.

Asked what UK’s priorities should be in the Brexit negotiations, the respondents cited:

  • Movement/access of skilled labour (54%).
  • Securing free trade/single market (47%).
  • Passporting rights (16%).
  • Controlled/clarity on immigration (13%).
  • Continuing being a trading partner with Europe (9%).
  • Tariff agreement (9%).

Related Articles

Brexit and sterling: hedging strategies for uncertain times

Brexit Brexit and sterling: hedging strategies for uncertain times

2w Jonathan Pryor
UK SMEs increase European business as Brexit looms

Brexit UK SMEs increase European business as Brexit looms

2m The Global Treasurer
80% of businesses expect difficulties in European trading post-Brexit

Brexit 80% of businesses expect difficulties in European trading post-Brexit

5m Laura Noble
The UK’s alternative finance industry remains bullish despite the spectre of Brexit

Brexit The UK’s alternative finance industry remains bullish despite the spectre of Brexit

5m Ricardo Fernandez
Brexit Countdown: how are businesses dealing with the challenges so far?

Brexit Brexit Countdown: how are businesses dealing with the challenges so far?

6m David Prendeville
How Brexit will shape the payments landscape

Brexit How Brexit will shape the payments landscape

6m David Beach
Global outlook for 2018: 'uncertain times and more to come'

Brexit Global outlook for 2018: 'uncertain times and more to come'

10m Michael Gowland
Sibos 2017 day two highlights: Brexit and banking, and why 'data is the new oil' in financial services

Big Data Sibos 2017 day two highlights: Brexit and banking, and why 'data is the new oil' in financial services

12m Alara Basul