Business opinion split on Brexit threat

UK businesses are split on whether Brexit presents an opportunity for growth or a threat to business survival, according to a report by Advanced.

In line with the UK’s EU Referendum results, the Trends Survey Report 2016 revealed that 51% of businesses consider Brexit a business opportunity for growth and prosperity, whereas 49% see the UK’s exit from the EU as a real threat to business survival.

However, the majority of businesses were confident that their organisations were prepared for regulatory changes post-Brexit, with 61% “not concerned” by amendments to regulations. Only 6% of respondents said they were “very concerned”.

With regard to budget cuts, 51% of respondents said they were prepared for post-Brexit cuts, compared to 38% who were not prepared. The report said that while there is currently uncertainty surrounding Brexit, the majority of respondents believed that the biggest funding impact would be felt in 18-24 months’ time.

Assessing the impact of Brexit on the public sector, 85% of public sector respondents said that the government has not provided enough budget to implement the digital agenda, raising concerns about whether public sector organisations will be able to deliver digital services and platforms in line with customer expectations.

The Trends Report surveyed over 1,000 business professionals in the UK and identifies the top issues facing UK businesses in the face of serious digital disruption.