Brexit has had no impact, say majority of businesses

7 November 2016

According to the latest research from R3, 74% of businesses do not feel the UK’s vote to leave the EU has had any impact on their business yet and it is ‘business as usual’. 


16% have admitted there has been a negative impact on their business while 5% of owners say things have improved because of the Brexit vote. 


Management teams from a sample of 500 businesses were surveyed by R3 and BDRC, a market research agency. 


Most businesses have not seen any difference to their business and some could be using Brexit as an excuse for their financial problems, says Andrew Tate, R3 President.


That said, there have been problems caused by the global reaction to Brexit, for example, the weakening of the pound. This has resulted in some businesses benefitting (like exporting) while others are feeling the pressure (importing goods are becoming more expensive). 


Tate commented, “While our members say they are yet to see any increase in Brexit-related appointments, some have reported an increase in calls from worried business owners looking for advice."


“While a number of recent surveys have reported business confidence falling since the vote, that doesn’t appear to have yet translated into a financial impact for most businesses.”


The survey found larger businesses will tend to see more of a negative impact that other businesses as they are usually involved in Europe and beyond, therefore feeling the knock-on effects sooner. 


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