Over 50% of UK businesses ‘lack confidence’ in government on Brexit

Over half of business pioneers lack trust in the administration to lead Brexit transactions, a study has revealed.

Somewhere in the range of 54% of 3,000 organisations surveyed by business finance firm MarketInvoice announced the government had lost its way in discussions with Brussels and that Brexit Secretary David Davis lack preparedness, while just 5% felt he was making a good job performance.

About 60% of firms said securing the right trading plans with the EU was their top concern in Brexit talks, ahead of having access to EU labourers at 18% and keeping stability in the sterling at 7 percent.

“Business leaders are clearly focussed on ensuring they are prepared to do business before worrying about people issues,” said Anil Stocker, chief executive of MarketInvoice.

“Anecdotal feedback from this survey is that businesses in the UK are getting on with it but are clearly unsettled which doesn’t make for a healthy business environment.”

Approximately 53% of firms cited to the uncertain financial climate as their greatest concern, while 15% listed political instability as their main concern.

A majority of organisations who trust the administration has taken into account their worries in Brexit arrangements, yet a quarter feels they have lost their direction and will be in for shock during the discourse with Brussels.

“The good news is that businesses, finally, feel that their voices are being heard by the government but are not inspired with confidence with the negotiating efforts,” Stocker added.

The news comes days after the Financial Conduct Authority (FCA) cautioned that major financial firms would be compelled to push ahead with plans to move operations far from London before the year’s over if a transitional Brexit deal is not struck.

Andrew Bailey, CEO of the FCA, said City firms were nearing the point where they need to make a move to guarantee that their business is not disturbed after the UK leaves the European Union in March 2019.

“In order to have things in place by two years’ time, [firms] have got to start implementing plans [by the end of this year],” he said. “Agreement on a transition would break that constraint. I do think this is important.”