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Majority of Big UK Businesses ‘Feeling Negative Impact of Brexit’

Written by: Keith Tully

Reviewed: Monday 6th February, 2017

According to a survey carried out by Ipsos Mori in recent days, roughly two-thirds of leading British businesses have already taken some precautionary actions ahead of the UK’s impending withdrawal from the European Union, with most saying that the consequences so far have not been positive.

Representatives of over a hundred of the UK’s leading 500 companies were polled for their views on the impact of the Brexit vote so far, with 58 per cent indicating that the situation has taken a negative toll on their businesses.

Many of the “captains of industry” quizzed said that they have been creating contingency plans designed for a variety of specific situations depending on how the relationship between the UK and the EU eventually functions once the Brexit process has been carried out.

As many as 10 per cent of respondents to the survey said that they are intending to take their businesses outside of the UK entirely as a result of its departure from the EU.

“Unfortunately, it looks like business in this country is already feeling the pain of the economic upheaval of leaving the EU,” said Ipsos Mori’s chief executive Ben Page.

“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.”

While there are seemingly many businesses feeling negative effects of Brexit, the uncertain situation has not yet been enough to derail the UK economy, with the latest GDP figures for the country as a whole showing stronger growth than economists had expected.

Plus, most of the big business bosses polled by Ipsos Mori recently said that the negative impact of a British exit from the EU will not be enough to threaten their company’s survival in the near future.

Around a third of respondents also said that they are hoping to derive some positive benefits from the UK’s departure from the EU at some point during the next five years.

Keith Tully

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Keith has been involved in Business Rescue since 1992, during which time he’s worked for both independent and national firms. His specialties include company restructuring matters and negotiating with HMRC on his clients behalf.

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