According to a recent survey of midcap, among UK companies, sixty-five per cent of professional service firms are moving forward with their Brexit plans now that Article 50 has been announced – leaving other industries trailing in their wake with an average of only fifty-three per cent of firms across other industry sectors now engaged with planning.
The survey, sponsored by The Brexit Tracker, noted professional services were less likely to sit on the fence when assessing the impact of Article 50 on their business with forty-two per cent of firms believing Article 50 will be good for business and only twenty-five per cent of respondents feeling there might be no or little change while. In other sectors, positivity was just thirty-five per cent while ambiguity rose to forty percent.
Ben Martin, MD for The Brexit Tracker said, “It’s great to see that so many in professional services have grasped the nettle and are moving forward with Brexit planning and clearly have a good grasp of how it will impact their firm.
“More concerning though is how industries such as retail, construction and engineering who one would think are heavily Brexit-dependent for resource and supply chain are yet to fully engage with the planning process, as it may be these firms that are actually the most exposed to Brexit outcomes.”
The Brexit Tracker analyses 390 economic indicators pertinent to the sector and a firm’s particular circumstance. Stakeholders can view their Brexit dashboard and understand likely implications for their business. They can also compare their views with those of their peers. The tool enables resource to be smartly invested in strategic planning, not squandered in trying to make sense of a myriad of factors that may or may not be relevant to the business.