Eight out of ten mid-market businesses believe prospects will suffer post-Brexit. Six out of ten predict growth for the year ahead and will continue to invest. A vote for Brexit has undoubtedly shaken business prospects, but the investment plans of Britain’s high growth companies haven’t faltered as they continue to withstand European Union (EU)-related uncertainties.
According to new research conducted by accountancy and business advisory firm BDO LLP, which surveyed almost 400 mid-market and fast growth businesses across the UK, 82% of companies polled believe that the UK’s decision to leave the EU will damage their prospects.
Despite their concern, though, almost half (46%) of management teams have put no measures in place to plan for how Brexit may impact either their business or their people.
With Article 50 yet to be triggered, the poll saw an almost unanimous call for the UK Government to retain access to the Single Market as part of its negotiations. 90% of the firms surveyed want to retain tariff-free access to Europe for their goods and services. There was real optimism for the longer term, with two thirds (65%) of businesses saying they’ll continue to invest during the next two years and just one third (29%) believing that Brexit shockwaves will only impact them in the short term.