North West businesses battle through uncertainty

North West businesses battle through uncertainty

Britain's decision to leave the EU may have shaken business prospects, but the investment plans of the region's high growth companies haven’t faltered, according to BDO.

According to new research from BDO LLP, which surveyed almost 400 mid-market and fast growth businesses across the UK, 82% of companies polled in the region believe that the UK’s decision to leave the EU will damage their prospects. 

Despite the concern, a third (32%) of management teams have put no measures in place to plan for how Brexit may impact their business or their people. 

With Article 50 yet to be triggered, the poll saw an almost unanimous call for the UK government to retain access to the single market as part of its negotiations.  91% of the firms surveyed want to retain tariff-free access to Europe for their goods and services. 

There was also real optimism for the long term, with two thirds (68%) of businesses saying they will continue to invest during the next two years and just one third (32%) believing that Brexit shockwaves will only impact them in the short term. With 64% of respondents still predicting positive growth in the next 12 months, short term prospects are also looking good.

Ed Dwan, partner and North West head at BDO LLP, said: “The ambitious businesses in our region rely on exports and international trade to thrive and achieve their high-growth targets, so it’s unsurprising they want to retain access to the single market to continue tariff-free trade with Europe.

“Despite initial tremors, businesses remain hopeful following the vote for Brexit. However, it is important that management teams put measures in place within their business to prepare for what a post-Brexit world could look like. We’ve got a wait on our hands before any changes kick in, but assessing the impact of leaving the EU should be high on every boardroom agenda. 

“Crucially, these businesses need government policies and support that will help drive growth, employment to bring their investment plans to fruition.” 

 

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