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Of those businesses who have engaged in discussions, both formal and informal, two fifths (40%) expect EU negotiations to have a negative impact on their business – compared to only 6% who anticipate mainly positive outcomes.
With the clock ticking, the research also highlighted that almost a third of businesses (29%) believe the free movement of goods, services, and capital between the UK and the EU is essential to growth, while one fifth (20%) value access to a skilled workforce from the EU.
Michael Izza, ICAEW Chief Executive, said:
“With 21 months until departure, it is now the Government’s responsibility to help pave the way for business success once we have exited the European Union. Issues raised within our research – such as access to skilled EU workers and the free movement of goods and services - should be firmly placed on the Prime Minister’s radar when she engages in talks with the EU to ensure the priorities of business are fully considered and complacency is avoided.”
One fifth (21%) of companies that have considered the impact are willing to explore new markets outside of the European Union. The intention to take advantage of export and trade opportunities is a positive indication that UK firms are prepared to embrace the changes leaving the EU could have on the day-to-day running their businesses. [...]