Britain’s decision to leave the European Union will have far-reaching consequences for UK businesses. The Institute of Directors (IoD) conducted a snap survey on the impact of Brexit immediately after the result came in. Below are some of the survey highlights:
- Nearly two-thirds (64%) of IoD members think the result is negative for their business, against 23% who think it is positive (only 9% say it makes no difference).
- A third (32%) say hiring will continue at the same pace, a quarter (24%) will put a freeze on recruitment, and 5% will make redundancies.
- Although 7 in 10 will keep all UK operations here, 1 in 5 (22%) are considering moving some outside of the UK; only 1% will bring operations back.
- Over a third (36%) will now cut investment in their business, against 1 in 10 (9%) who will increase investment. Just under half (44%) say it will not change their investment plans.
- The priority now is to protect the economy from the negative reaction in financial markets, with three-quarters (74%) ranking this first, second is securing a new trade arrangement with EU.
- Half (51%) think getting a good deal should be prioritised over wrapping it up speedily.
Source: EU referendum snap Policy Voice Survey, IoD