Has Brexit impacted UK businesses for better or for worse?
Two years ago, over 30 million people voted to decide whether the UK should leave or remain in the European Union. The referendum result in favour of Brexit was a shock to many.
Just a few months after the referendum, business leaders were already witnessing a shift in the economy and an impact on their businesses, with many of them reviewing future growth plans.
Over half said that their business had become more risk averse, and 19% had already seen a dip in cross-border business in Europe. Meanwhile 19% had decided to halt or slow their expansion plans in the UK.
Two years have now passed since the referendum took place, and we have reached out again, to understand more about the real impact of Brexit on businesses and their expectations for the future.
It’s clear that the uncertainty of the last 24 months and slow progress with negotiations have posed a challenge for businesses of all sizes and across sectors. Although there is more clarity around some issues, much is still to be determined, and responses point to a range of negative, and some positive, effects.
However, it’s reassuring that regardless of views on Brexit and despite the uncertainty, our research found the majority of businesses are confident that they will survive and thrive in a post-Brexit environment.
Ultimately, only time will tell the true impact of Brexit as arrangements are finalised and implemented over the coming 12 months and beyond.