Brexit already taking toll on major British firms: Survey
Over half of Britain’s major companies have experienced the negative impacts of the country’s pending withdrawal from the European Union (EU), shows a new survey of British business leaders.
About 58 percent of bosses from Britain’s largest 500 firms think their businesses are already facing the implications of last year’s public vote to leave the EU, according to an Ipsos Mori poll published on Monday.
This is while, only 11 percent of the respondents thought the outlook of the divorce has worked to the benefit of their businesses.
In June last year, nearly 52 percent of Britons voted to end the country’s decades-long membership in the EU.
The decision meant that while the UK would free itself from the EU regulations and have more control over its borders, it would lose access to the Single Market, a scary prospect for businesses that relied heavily on the tariff-free market.
When asked about the long-term effects of Brexit on their businesses, 32 percent of participants predicted a positive impact on their business in five years’ time.
However, 45 percent painted a dark picture, saying there was going to be a negative impact over the same period.
Losing access to skilled workers was the main worry among the business chiefs, an issue they said should be the government’s first priority.
Ben Page, chief executive of Ipsos Mori, said the businesses were already feeling the pain of what is awaiting the country.
“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 said.
UK Prime Minister Theresa May has made it clear that a partial exit is not an option, ending speculations that London would agree to a deal on preserving the single market access in exchange for keeping its borders open to immigrants.
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