Over 70% of Brits think Brexit will be bad for the economy

Just over 70 per cent of British workers feel that Brexit will damage the UK economy in the long term, according to a poll conducted by Spearvest.

Furthermore, almost half (48 per cent) of those polled said they expected at least six months of severe economic turbulence following the UK’s departure from the bloc.

Meanwhile, over a third (36 per cent) claimed a no-deal Brexit would tip the UK economy into recession. Almost 30 per cent said they expected a recession “worse than 2008” and nearly a quarter predicted a house price crash.

Over a fifth (21 per cent) admitted to reducing their personal spending recently to prepare for Brexit, while over one in 10 (15 per cent) said that a no-deal Brexit would put their job at risk.

Just 19 per cent of respondents said they felt that Prime Minister Boris Johnson could secure a Brexit deal before the 31 October deadline.

Commenting on the findings, Spearvest CEO Wael M. Al-Nahedh said: “It’s clear that the ongoing Brexit saga is having a serious impact on public confidence in the wider economic prospects of the UK. Political uncertainty can prevent investors from making important decisions, which can damage productivity in the long term.

“Moving forward, it’s critical that we see real clarity over the state of affairs around the impending departure from the EU, so that business can anticipate potential shockwaves associated with the process.”

Elemental Financial chief operating officer Khalid Talukder added: “The financial services industry must properly prepare for all possible outcomes in the withdrawal process, including a no-deal scenario. In such a volatile political climate, with so many potential ramifications, banks in particular must work hard to build bridges in critical emerging markets, to safeguard revenues and protect jobs.

“Whatever the end result of these turbulent times, it’s clear that a more international approach is essential to the future of the banking industry and the wider UK economy.”

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