Experts Say Firms Must Consider How To Maximise Brexit Potential

As new research on the attitudes of bosses from some of the UK's biggest companies on Brexit is revealed, legal experts at Irwin Mitchell say planning is key for firms who want to maximise the opportunities presented by leaving the EU.

The data from market researcher Ipsos Mori found 58% of respondents said their businesses had suffered since the vote to leave the EU last June, with nearly a third thinking the referendum had not made any difference, and 11% feeling it had been positive.

Over 100 bosses of FTSE 500 firms responded to the survey.

Ipsos Mori chief executive, Ben Page said that two thirds of respondents believed their business situation would get worse in the next 12 months, while two-thirds thought that their business would be worse off after the UK left the European Union.

Although 45% of the 114 FTSE 500 bosses surveyed expected to feel a negative impact in five years' time, 32% said their business would start to feel the positive effects of leaving the EU in five years' time.

The data comes as consultants from PwC say that the UK could shake off the near-term impact of Brexit to become the fastest-growing economy in the G7 group of rich countries between now and 2050.

Using models that analyse population trends, investment, education and technological progress, their report says that the main impact of Brexit would be felt by 2020 but that in the years that follow, the UK would outperform its peers thanks to its relatively large working age population and its flexible economy.

Expert Opinion

The dust from the EU referendum last June has started to settle, Theresa May has outlined her key intentions for a ‘Global Britain’ and the Brexit Bill is moving through parliament.

We’re on the countdown to Article 50 being triggered so official Brexit negotiations can begin and as a result of living in an age where uncertainty has become the norm, British firms have become more diverse and resilient than ever before.

While all of the noise around Brexit might make it difficult to focus, it’s vital that business leaders keep abreast of updates relevant to their industry, so they can make the most informed and educated decisions in order to maximise the potential the situation offers, while avoiding, where possible, risk. They also need to ensure that their voices and needs are heard by Government.

Our dedicated Brexit experts are committed to following the fast changing political and economic landscape and forecasting how it is likely to look in the future, putting them in a unique position to advise firms on short and long term plans, both in the UK and internationally.
Victoria Brackett - Group Chief Commercial Officer

Find out more about the legal implications of Brexit.