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With the EU referendum just a day away, we asked a cross section of our clients how a Brexit could affect their business. Here’s what we found…
With the EU Referendum just a day away, it appears that a number of UK Business Owners feel that they have still not received enough information explaining how a Brexit could affect their business.
Despite this, over 75% of the UK Business Owners that we spoke to believe that a vote to leave the European Union could affect the future of their business.
100% of the UK Business Owners that we spoke to believe that a vote to leave the EU would create a period of uncertainty for businesses in the UK. More than half of these thought that this uncertainty could last over a year, some estimated more than two years.
However, the amount of businesses that have put plans in place for the UK leaving the EU, is still quite small which might suggest these business owners don’t think we are likely to leave the EU or simply that they don’t need any plans if we do.
Finally, every business owner who believed their client relationships would be affected by a Brexit also believed that the expansion rate of their business would decrease following a Brexit. Do these findings point to uncertain times for UK businesses following a Brexit?
According to the latest opinion polls, the British public are fairly evenly split between Leave and Remain. With a few exceptions, large businesses look to be in favour of staying in the EU due to it being easier to transfer people, products and money around the world.
Depending upon the kind of deal agreed with the EU following a potential Brexit, UK citizens would almost certainly be required to apply for visas to work overseas, and vice versa. The argument that a vote to leave could limit entry into the UK for skilled workers appears to be swaying UK businesses into favouring a Remain verdict.
How do you think a Brexit could affect your Business? Do you have any plans or strategies to put into place if the UK decide to leave the EU tomorrow?