British businesses are more anxious about Brexit than at any time since the 2016 referendum, with more bosses reigning in hiring and investment plans.

Since the Brexit referendum back in 2016, UK firms has suffered severe bouts of low self-esteem. After the vote to leave the EU, the country was overcome with devastating uncertainty. The government has struggled to reach an agreement with Brussels on trade conditions and the post-Brexit landscape is still blurred. This ambivalence has led to subdued behaviour from business owners, with investment postponed and confidence at record-lows.

This new report from accountancy group, Deloitte, further illustrated the UK’s precarious position. While the economy has shown signs of improvement, the undercurrent of uncertainty is still threatening future prospects. This is specific to Britain’s future trade relationships, with Deloitte identifying anxiety over trade relations as a major factor for low optimism.

The accountancy giant’s survey found that only 13 per cent of chief financial officers were more optimistic for their prospects than three months ago. A further 79 per cent expect long-term conditions to worsen as a result of leaving the EU, up from 75 per cent in 2016 and the highest level since the referendum.

This professional anxiety has led businesses to jump ship. Since the announcement of our departure from the EU, firms have jump-started contingency plans.

US investment banker, Goldman Sachs is in the process of moving large numbers of staff out of London and into offices in Frankfurt and Paris. Chief executive Lloyd Blankfein has agreed to leaseback the London headquarters to Korea’s National Pension Service, but the diminished enthusiasm for the UK business landscape is very clear. Investment market Lloyd’s of London has also accelerated plans to transfer contracts to a Brussels subsidiary, particularly as the possibility of a no-deal Brexit becomes more likely.


Dr Adam Marshall, the director general of the BCC, warned that UK businesses are “stuck in limbo” as negotiations with the EU rumble on.

“These figures reinforce what we are hearing from businesses up and down the country – the uncertainty over Brexit, and the lack of bold moves to boost business at home, are starting to bite,” Marshall said.

There is no denying the negative effects produced by the Brexit referendum, and none so severe as the drop in business confidence. The cloud of uncertainty left by the government have caused firms to question their position in the future landscape.

At the Credit Protection Association, we have helped our Members recover some of this confidence and prepare for the year ahead. This is achieved through the combined power of our debt recovery and credit monitoring services. The CPA collection staff recover old debt and chase down unpaid invoices, awarding Members with financial confidence and helping them build contingencies that will propel them forward whether the Brexit outcome is good or bad.

Once cash flow has been freed up, our credit monitoring services really come into their own. We provide our Members with credit reports, credit rating information, directorship register and County Court data, all to shape a comprehensive overview of the creditworthiness of customers and suppliers. This has helped business owners avert late payment and financial distress and instead ascertain their longevity.

While Britain’s political future remains uncertain, the financial future of firms can be assured through a strong refocusing on cash flow and creditworthiness.


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The Latest Insolvencies to 09 Oct 2018

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