UK business leaders cite political disruption as a top hindrance to expansion. Research indicates that many may not support Brexit-proofing on June 8th
Continued political disruption including the snap general election on 8th June could exacerbate UK business growth issues according to 200 mid-sized business senior executives recently surveyed.
In the survey by Wax Digital, after access to skills, political disruption was the most common risk standing in the way of business growth ambitions. It was cited by 37 per cent, compared to just 22 per cent who cited lack of innovation and only 9 per cent saying a changing market was a hindrance to growth.
“While the Prime Minister is seeking to strengthen the cause behind Brexit through a quick election there’s a danger that further political turmoil will add yet another growing pain to the list for ambitious UK businesses,” said Daniel Ball, director, Wax Digital.
Although 77 per cent said that the pound’s recent weakness as a currency had created surprising and favourable export conditions, four out of five UK businesses said their growth had been stalled in some way by the political ups and downs of the last 12 months.
There are also indications that a Brexit-inspired general election could be a risky move for the current leadership, especially in the business community. 65 per cent of business leaders surveyed said they voted to remain in the EU and the same number would do so today if required to vote again.
Ball continued, “It’s always possible that some in the business community may well use their general election vote as a way of trying to derail the current Brexit vision.
“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 political disruption is having a profound impact on businesses’ growth strategies - some positive, some negative – and the government should take heed of these views.”