Businesses in the UK are concerned about how exiting the EU will affect the country, and how stifled economic growth may become.
The Institute of Chartered Accountants (ICAEW) has conducted a survey of 501 senior business professionals with a background in chartered accounting and have found a generally uncertain outlook on the future of UK businesses.
Of the 501 professionals surveyed, 69 per cent indicated they were uncertain about the relationship between the UK and the EU; 67 per cent predict a reduction in UK economic growth will have a negative impact on their business; 63 per cent predict a reduction in global economic growth; and 58 per cent of those asked were unsettled by the unclear long-term business priorities of the government.
The rise in inflation has concerned 54 per cent of small and medium-sized enterprises (SMEs) and 62 per cent of large businesses.
43 per cent of SMEs and 54 per cent of large businesses are concerned about the lack of available skilled workers.
A possible change in government has made 56 per cent of those asked uncertain about the future, with 38 per cent stating this would only have a small impact if any at all.
ICAEW Chief Executive, Michael Izza, has said: “We know that the uncertainty around Brexit continues to impact our members and the businesses they advise. This is the busiest time of year for companies in terms of financial reporting and planning for the year ahead.
“As 29 March looms large, contingency planning is no longer a theoretical exercise, businesses can’t kick the can down the road. They have to make decisions now about jobs, stock levels and supply chains, incurring significant and possibly unnecessary cost.”
Izza also stated that: “We need our parliamentarians to listen to the real concerns of business and find a way forward that avoids a disorderly exit from the EU and provides some much-needed clarity.”