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British firms brush off Brexit vote 22 November 2016

Three in four UK businesses have yet to feel any financial impact – positive or negative – from the EU referendum vote, according to new research from R3.

The insolvency trade body’s survey of British companies shows that 16 percent of all businesses, equivalent to 283,000, said the vote has already had a negative financial impact on them.

This compared to just five percent of businesses (85,000) who said the outcome of the referendum has had a positive financial impact.

Market research firm BDRC and R3 conducted the research by surveying key decision-makers at a representative sample of 500 UK businesses.

Andrew Tate, president of R3, said: “The immediate shock of the referendum result was much briefer than expected, and many businesses – and importantly, consumers – have adopted a business as usual approach since then.

“That said, Brexit will be causing genuine problems for a significant minority of companies, and it will be benefitting others.”

He explained the main reason for this is the sharp fall in the pound and said this will have impacted importers, while exporters may have seen an increase in demand.

“Uncertainty over the future of the UK-EU relationship may put some important deals on hold, at least temporarily.”

R3’s research also shows the businesses most likely to say they have seen a negative financial impact from the referendum result are large companies employing 251 or more people.

Some 23 percent of large companies (2,000) said they have seen a negative financial impact from the referendum result.

 

 

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