From now on until Britain has left the EU, CPA are going to post regular blogs for the comments we have seen in the press and elsewhere about Brexit, which is perhaps the most momentous event that will happen to the UK for a very long time and will have long-term implications for every citizen living in this country for good or ill.  We aim to be balanced in our reports which will be divided into three categories;

• Category 1 – Positive comments on Brexit
• Category 2 – Negative comments on Brexit
• Category 3 – Neutral comments on Brexit

So here we go with comments from the press since 7^th April 2017 and from now on we will try and keep it as up to date as possible.

BREXIT; NEGATIVE COMMENT: 

On 7^th April 2017, The Daily Telegraph reported in their Business Section that in a survey of 1,000 SME leaders by Bibby Financial Services firms were split over Brexit.  It found that just over a third (34%) expected leaving the EU will have a negative impact on their business.  42% expected it to make no difference at all and around 1 in 6 (17%) predict a possible effect.

BREXIT; POSITIVE COMMENT:

On April 13^th 2017, numerous reports show that business sentiment is improving. The Times, The Sun and The Scotsman all reported that the Federation of Small Businesses revealed that SMEs’ confidence in the economy is at its highest level in nearly 18 months. Also, in the Yorkshire Post in a quarterly survey of global CFOs and finance professionals, conducted by ACCA and IMA, found that confidence among business leaders rebounded ahead of the triggering of Article 50.

BREXIT; POSITIVE COMMENT:

On April 19^th, The Financial Times said that confidence levels in the UK since the referendum in June have surprised many observers etc.

In The Times it was reported that companies started the year well.

BREXIT; POSITIVE COMMENT:

On 25^th April 2017, The Independent, The Yorkshire Post and The Scotsman all reported that the UK remained attractive for merge and acquisitions (M&A) and that Britain is the third most attractive destination for M&A behind the US and China.

BREXIT; NEGATIVE COMMENT:

On 26^th April 2017, The Daily Telegraph reported that Turkey’s president, Mr Erdogan, said that Britain’s vote to leave the EU had brought peace of mind and that his country could reconsider its position on joining.  Mr Erdogan said the block was on the verge of dissolution and that a country like Turkey was needed to keep it strong.

BREXIT; NEGATIVE COMMENT:

On 26^th April, The Daily Mail reported that the EU planned to squeeze the UK for a bigger Brexit bill.

Also that Nestle, the Swiss conglomerate, said that Blue ribbon, their chocolate bar, will be made in Poland and they are cutting around 300 UK jobs.  Nestle also plan to cut 110 staff at its 600-strong factory in Fawdon, Newcastle upon Tyne. Unions accused the firm of using Britain’s exit from the EU as an excuse for cutting jobs.

BREXIT; POSITIVE COMMENT:

On 26^th April, The Daily Express reported that the EU will not hold the UK responsible for the £1.7 billion fraud case, which centred around allegations that HMRC failed to tackle fraud in customs duty and VAT fraud by Chinese crime gangs using British ports. 

BREXIT; NEGATIVE COMMENT:

On 28^th April 2017, it was reported on The Tax Donut that SMEs fear loss of EU workers as reported from the Federation of Small Businesses and that the lack of skilled workers and skilled staff is a major concern about growing their businesses after Brexit.

Also, that 13% of UK small firms said they would consider relocating abroad and a further 21% even closing down or reducing operations.

BREXIT; POSITIVE COMMENT:

It was reported in The Daily Telegraph on 28^th April that Britain is top destination for foreign investment. Figures from the OECD show that Britain had climbed to the top of the league table for investment in Europe, bringing in £197 billion in 2016, which meant it was the highest level of inflow since 2005.

BREXIT; NEUTRAL COMMENT:

On 1^st May The Telegraph reported that fundraising jumped 49% in the first quarter of this year, while the number of stock market flotations was down on last year. The Head of Equity Advisory at Deloitte in an analysis showed that seven IPO’s of trading companies since the Brexit referendum raised a total of £2.4 billion.

BREXIT; NEGATIVE COMMENT:

On 9^th May 2017, The Financial Times reported that warnings of staff relocation after Brexit have risen sharply and that new research from EY found that over 25% of financial services firms intend to shift resources out of the country or change their domicile because of Brexit, an increase of 50% in four months.