brexit-scrabble

65 per cent of UK business leaders voted remain and would still do so today.

Brexit is impacting performance and hindering the growth potential of four out of five UK businesses, according to new research commissioned by eProcurement provider Wax Digital.

In the survey of over 200 senior business executives in mid-sized firms, respondents said they were affected by Brexit in the following ways:-

  • Their global growth is being hindered due to suppliers not being primed for growth themselves amidst Brexit (79 per cent).
  • It will restrict their ability to do business in Europe (37 per cent).
  • It will make EU business more costly and complex (35 per cent).
  • They expect to reduce their business operations on the continent (26 per cent).
  • They will look at alternative international opportunities (24 per cent).
65 per cent of UK businesses say they voted remain in the EU referendum and would stick to their decision if the vote were today. Brexit is one of the top ‘growing pains’ affecting UK businesses whose leaders were generally not pro-leave.

Daniel Ball, director at Wax Digital says: “Mid-market firms are the lifeblood of the UK economy, and only through constant adaptation to the global political environment can they continue to grow. Our research has found that Brexit is having a profound impact on businesses’ growth strategies - some positive, some negative – and businesses are right to see the current passing of Article 50 as an opportune time to address any issues that Brexit could bring.

“Establishing or increasing trade abroad is of course one solution, and given the opportunities in the US in particular, businesses shouldn’t see political unrest over there as a reason not to consider it in their quest for growth.”