NEARLY six in ten captains of UK industry have revealed the electorate’s decision to leave the European Union has already had a negative impact on their business.
The 58 per cent to have suffered a negative effect far outweighs the 11 per cent reporting they have seen a positive impact from the Brexit decision, in pollster Ipsos MORI’s annual Captains of Industry study. The remaining 31 per cent felt the Brexit move had not made any difference to the business situation for their company.
Ben Page, chief executive of Ipsos MORI, said: “Unfortunately, it looks like business in this country is already feeling the pain of the economic upheaval of leaving the EU.”
Around 66 per cent of captains of industry feel, on a 12-month view, that the business situation of their company will be worse than it would have been without the Brexit vote, with only 13 per cent believing it will be more positive.
Ipsos MORI noted the view was less pessimistic five years out but, even on this timeframe, the proportion seeing a negative impact for their business from leaving the EU is significantly higher than that anticipating a positive effect. About 45 per cent expect to see a negative effect from the Brexit vote five years out, with only 32 per cent expecting a positive impact.
Ipsos MORI conducted 114 interviews with respondents from the top 500 UK companies by turnover and the top 100 by capital employed in the UK. Respondents were chairmen, chief executive officers, managing directors, chief operating officers, financial directors, and other executive board members.
Captains of industry cited movement of, and access to, skilled labour as the most important thing for the UK to obtain during Brexit negotiations. About 54 per cent of respondents cited this as an important issue.
Business leaders’ also emphasised the importance of securing free trade or single market access. This was cited as important by 47 per cent of respondents. Meanwhile, 86 per cent cited ease of recruitment of EU staff as key to success in a post-Brexit UK.
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