Survey finds British businesses more worried about Brexit than European companies

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22nd November 2016 15:07 - Business Support

Survey finds British businesses more worried about Brexit than European companies:  According to a new survey by Deloitte, chief financial officers at some of Britain’s largest firms are worrying more about Brexit, and how it will affect their bottom lines, more than their European peers.Survey finds British businesses more worried about Brexit than European companies

The survey findings also revealed that 65 per cent of chief financial officers believe that the Brexit negotiations will be bad for business, in comparison with 37 per cent of European chief financial officers.

To reach the survey findings, Deloitte surveyed 1,148 chief financial officers from 17 European countries between August and October 2016 as part of its third quarter European chief financial officers survey.

The survey also revealed that the top business strategy for chief financial officers in 75 per cent of the countries in the survey was the defensive measure, in comparison with 63 per cent in the first quarter of 2016.

When asked what the main legacy of Brexit will be, chief financial officers from 16 countries (not including the United Kingdom) cited increased complexity and the cost of regulations.

According to the report, chief financial officers are also worried about "restrictions in workforce mobility and decreased export opportunities due to non-tariff barriers."

Despite there being a small chance that the vote for Brexit could be blocked, this is no longer looking likely. The High Court’s ruling that Theresa May must gain parliamentary support before invoking Article 50 and withdrawing Britain from the European Union does not mean that Brexit will not happen. Ever since the United Kingdom voted to leave the European Union back on June 23rd, there has been uncertainty over how Brexit will affect firms across Europe.

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