29 November 2017

ACCA: Brexit uncertainty driving business confidence fall

Nearly half of respondents (49%) said they were feeling less confident than a year ago, with a fifth saying they are ‘much less confident.’ Business uncertainty caused by the Brexit process was the biggest driver cited by nearly a quarter of respondents, followed by concerns over single market access and loss of freedom of movement.

In contrast, less than 15% reported improving confidence, and over a third (35%) said there had been no impact. More than half (51%) saw no opportunities for their organisation from Brexit.

The majority (70%) of the 4,503 accountants surveyed came from ACCA members based in the UK.

Helen Brand OBE, chief executive of ACCA, says:

‘This loss of confidence across the UK is a cause for concern. Professional accountants are embedded in every sector and industry and their views represent an important snapshot from the front-line of the wider economic outlook.

‘You can clearly see that uncertainty is the main driver. Uncertainly is no friend of business and 17 months on from the referendum the Government’s preferred direction of travel on Brexit remains unclear. The total cost in terms of investments delayed and decisions not taken is much harder to measure, but what we do know is that this uncertainty is affecting business decisions now.

‘Government needs to recognise the value of offering clarity and assurance. The Budget tried to supply provisions for a ‘no deal’ Brexit. Yet what business really needs a clear plan for protecting current strengths and a plan for future growth in a new era of global trade.

‘ACCA have long called for certainly over a transitional period post-2019 but as each month passes the value of any such period diminishes as businesses begin to put contingency plans into action.’

Full press release

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