UK businesses are already being negatively affected by Brexit, survey finds

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13th March 2017 17:38 - Business Support

UK businesses are already being negatively affected by Brexit, survey finds: According to a recent business survey, more than 50 per cent of business leaders in Britain feel that the vote to leave the European Union has had a negative effect on their businesses; however, most of the business leaders in the survey believe that their company will be able to manage the change.UK businesses are already being negatively affected by Brexit, survey finds

Since the vote to leave the European Union in June 2016, the British economy has performed stronger than was anticipated, although a survey of more than 100 of the UK’s top 500 companies revealed that 58 per cent feel that the Brexit vote had had an impact on their business.

The survey also revealed that more than two thirds of the survey respondents said that they have already taken steps to act upon the Brexit vote, such as putting a contingency strategy in place and analysing the relationships which Britain could have with the European Union after the renegotiation takes place.

Of the respondents who said that they were taking steps to mitigate the risks to their business post-Brexit, 10 per cent said that they were moving their business to outside of Britain.

In the run up to the Brexit vote, business leaders in Britain were some of the most vocal supporters of the European Union membership, and argued that access to a single market of 500 million individuals would help them to expand their businesses and the economy in the future.

The survey also revealed that there was a more positive response when the respondents were asked about the long term impact on their business, with nearly all the participants saying that they were confident that they could adapt to Brexit.

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