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13 July 2017Press Releases
With the UK’s exit from the EU on the horizon, James Cowper Kreston wanted to understand how, or if, the businesses of our clients had been affected.
Although Britain is not scheduled to leave the European Union until 2019, businesses have already begun to see changes since the decision was made last year. To find out exactly what these changes are, and whether or not they are beneficial, a survey was issued to the clients of the firm. With over 100 respondents the results span companies from all sectors, however the majority came from small to medium, privately owned companies.
The results show that, while some companies have seen a positive increase in income since the Brexit vote, many of those who completed the survey have seen little or no change in any aspect of their business. The employment levels of 70% of respondents have remained unchanged, as have the income levels of 50%.
However, the negative impact of Brexit, which was anticipated by many, is being felt by certain businesses. 44% of companies who completed the survey stated that there has been a negative effect on their costs while 28% have documented adverse changes in their revenue.
Of course it must be taken into consideration that these fluctuations, be they positive or negative, may not necessarily be a direct result of Brexit. Businesses do see regular fluctuations in their fortunes and there may be other factors at work here.
The survey did not only focus on the current changes which may have been caused by Brexit, but also asked participants what they thought the exit from the EU would bring in the years to come.
While the consensus was that company law was not expected to see any change, the majority of respondents predicted mainly negative consequences for other aspects of their business. 61% of companies foresaw either slightly negative or very negative results for the UK economy as a whole and 52% saw Brexit as having a considerably adverse results on Inward Investment in the coming years.
“The results of the survey were not really unexpected,” says Robert Holland, Managing Partner of James Cowper Kreston. “Although a number of immediate winners and losers have been identified the full impact of the Brexit decision is still an unknown. But one thing is clear, the UK’s business community, particularly those in the Thames Valley, are resilient and will continue to flourish. We will make the most of what the decision to Brexit brings in the coming years.”
If you would like to view the survey and all of the results please click here.