Brexit continues to cause uncertainty amongst UK businesses

Fifty-three per cent of UK firms have reported Brexit as one of their top three sources of uncertainty, according to the Bank of England (BoE).

Publishing the results of its December Decision Maker Panel (DMP) survey, the BoE noted this figure was slightly lower compared to the average of the previous three months, although the bank also said that Brexit-related uncertainty had remained well above its average since the referendum.

The survey, conducted between 6 and 20 December and receiving 2,887 responses, questioned CFOs from small, medium and large UK businesses, which the BoE will use to monitor developments in the economy and to track businesses’ views.

The results of the General Election were announced while the December survey was ongoing, and the BoE suggested around one-third of responses were received after the election. The bank revealed there had been a fall in Brexit-related uncertainty since the election.

On an unweighted basis, the DMP results showed 55% of firms had reported Brexit as an important source of uncertainty for their business in December prior to the election, the same as in November. Post-election, however, this proportion fell to 49%.

Furthermore, the survey results indicated the date at which businesses expected Brexit-related uncertainty to be resolved had also been pushed further into the future, continuing the trend in recent months.

Forty-two per cent of respondents thought that Brexit would not be resolved until at least 2021, a figure up from 34% in November’s survey.

    Share Story:

Recent Stories

Helping landlords make their cash work harder
MoneyAge Editor, Adam Cadle, talks to Family Building Society BDMs, Arif Kara and Nathan Waller, about the resilient BTL market, the wide variety of landlords that Family Building Society caters for, and how niche products like an Offset mortgage can help improve cashflow.

An outlook on the BTL market
MoneyAge Editor, Adam Cadle, talks to Landbay senior regional account manager, Alex Witham, about current market sentiment within the BTL space and Landbay’s success in this area

Empowering advisers: A decade of education in Later Life Lending with Air Academy
Michael Griffiths is joined by chairman of Air Club and former founder and CEO of Air, Stuart Wilson, and head of the Air Academy, Daniel Holden, to look back on a decade of business focused learning at the Air Academy.


Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.