British businesses worry about Brexit

EPA/HANNAH MCKAY

A man crosses Waterloo Bridge with the backdrop of the City of London and the financial district in London, Britain.

British businesses worry about Brexit


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Brexit is bad for business, according to the findings of a new Ipsos MORI “Captains of Industry” poll. More than half (58%) of the top executives surveyed said the vote to quit the bloc has had a negative impact on their business and two-thirds said the situation would worsen in the next 12 months.

“Business in this country is already feeling the pain of the economic upheaval of leaving the EU,” said Ben Page, CEO of Ipsos MORI. “According to respondents there is no sign that this is likely to ease this year.”

The research, conducted between September and December 2016, involved interviews with 114 chief executives, chairmen, managing directors and others from the FTSE 500 companies.

As reported by Bloomberg, the survey revealed the extent of business leaders’ underlying concerns over Brexit, despite positive economic data since the referendum vote last June.

The results could embolden lawmakers as they scrutinise the prime minister’s plan for Brexit negotiations in Parliament.

According to the BBC, the survey also found that 32% of respondents said their business would start to feel the positive effects of leaving the EU in five years’ time.

Most of the business leaders (96%) who responded said they were confident their company could adapt to the consequences of leaving the EU.

In order for businesses to be successful post-Brexit, 86% of executives thought the most important factors were cutting the amount and complexity of regulation, and keeping it easy to recruit staff from the European Union, reported the BBC.

In a separate report, The Guardian noted that a leaked document suggests the EU ban on roaming charges due to come into effect in June will not apply to UK travellers

British tourists will have to pay mobile phone operators’ roaming charges when they travel in the EU after Brexit, according to the European parliament committee that helped pioneer the legislation.

The Liberal Democrat leader Tim Farron said: “From the cost of food and petrol to mobile phone bills, Brexit is hitting consumers in the pocket. Families shouldn’t pay the price for this government’s reckless hard Brexit plans. Theresa May must fight to keep hard-won benefits for British consumers like reduced roaming charges in the negotiations.”

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