A government survey taken by Buckinghamshire Business First members reveals concerns over the economy, staff welfare and access to markets.
Just before Christmas, we asked our members to take a survey on how Brexit will impact their business. In total, 338 businesses responded to the survey, which was compiled by the Department for Business, Energy and Industrial Strategy.
According to the survey, more than two thirds of Buckinghamshire’s business leaders expect Brexit to have a negative effect on their businesses.
Specific concerns of business leaders
The most common concern for those that feel Brexit will have a negative effect on their business is that a general downturn in the economy will cause customers to become more cautious, delaying spending. Staffing issues were the most common direct concern.
When asked to identify specific concerns regarding leaving the EU, the most common concerns included staffing issues, including the welfare of existing employees; access to markets; and security of supply, with several businesses reporting stockpiling. Indirect impacts such as a general slowdown or recession were the most common response.
Preparing for Brexit
Of the 331 businesses that responded to the question “Are you undertaking any activities to prepare for Brexit?”, 161 were not taking any action, in some cases due to a lack of clarity about what the exit arrangement would be.
Where actions were being taken these included campaigning against Brexit, reducing staffing numbers, stockpiling supplies, currency hedging, looking to relocate to another EU state, and delaying investment.
Buckinghamshire was one of only eight Local Enterprise Partnerships where residents voted to remain in the EU in the 2016 referendum.
Brexit in Buckinghamshire webpage
Visit our dedicated Brexit page for the latest information and resources to help businesses navigate the UK’s departure from the EU.
Buckinghamshire Brexit Summit
The second Buckinghamshire Brexit Summit takes place on March 6th, just over three weeks before the UK leaves the EU.
This daylong summit, hosted in partnership with Buckinghamshire County Council, will be an opportunity for practical discussion and a chance to hear all the latest news and information on Brexit, what it means for Buckinghamshire, and how local businesses can make the most of life outside the EU.
Keep sending us your views on Brexit
If you have any further thoughts about how Brexit will affect your business, email our Managing Director Philippa Batting at Philippa@bbf.uk.com.