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Home > News > Industry News > Post-Brexit trade arrangements.....

Post-Brexit trade arrangements are top priority for business leaders

  • Author:Ella Cai
  • Release on:2017-07-25
Business leaders put post-Brexit trade arrangements as their top priority in a survey by MarketInvoice.

The top priority (58%) for UK business leaders as part of the Brexit negotiations is to have the right trade arrangements with the EU to ensure a stable trading environment.

This is three times more important than having access to EU workers, with only 18% raising this as a priority. Meanwhile, only 7% prioritised the stability of sterling.

The current uncertain economic environment is what’s keeping more than half (53%) of UK business leaders awake at night. They are less worried about the stability of the Government (15%), foreign worker rights (8%) or a weak sterling (1%).

More business leaders (85%) now believe that the Government is tuned into the voice of business since March 2017, when Article 50 was triggered. However, they are not confident or convinced that the negotiating team will defend the interests of business. A quarter (27%) feel they’ve lost their way and will be in for a shock and a further quarter (27%) feel they lack preparedness for the negotiations. Only 5% feel that David Davis is doing a great job.

The majority (54%) of businesses reported that their hiring plans have been largely unaffected this year and it is business as usual. Only 2% are now proactively reducing their exposure to EU-nationals in the coming months while more (6%) are now reluctant to hire EU nationals.

More than a third (38%) of businesses feel they will face a cash squeeze going into the next 6 months. The majority would turn to invoice finance (35%) then bank overdrafts (30%) for additional funding whilst only 6% would use a personal credit card.

While hiring concerns are relatively stable for business, the survey suggests thst compsnies need to be focussed on managing their working capital needs in H2 2017. The research shows that a third (34%) will forfeit expansion plans, a further third (33%) will forgo launching new products and a fifth (20%) will reduce marketing spend.