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1/ The July @The_IoD Brexit Business survey makes for some interesting (worrying) reading.
They surveyed 952 businesses of all sizes, from sole traders to large businesses of over 250+ employees.
The full report is here: iod.com/Portals/0/PDFs…
They surveyed 952 businesses of all sizes, from sole traders to large businesses of over 250+ employees.
The full report is here: iod.com/Portals/0/PDFs…
2/ My first take away: This survey does not remotely support the idea that businesses "just want to get on with Brexit" at any price.
A no-deal is seen as a more damaging outcome than a continued extension by surveyed businesses of every size.
A no-deal is seen as a more damaging outcome than a continued extension by surveyed businesses of every size.
3/ My second take away: Business preparedness is better than I feared.
Only 14% of surveyed businesses feel they have more preparation to do.
If that's remotely accurate and representative of the economy as a whole, then that's good news.
Only 14% of surveyed businesses feel they have more preparation to do.
If that's remotely accurate and representative of the economy as a whole, then that's good news.
4/ On the flip-side, there's obviously a majority of firms that feel that while they've done what they can, they're going to get buffeted by Brexit regardless.
That's less positive.
That's less positive.
5/ Predictably, larger firms were both more likely to feel they're exposed to Brexit, and that they're prepared.
To be brutally honest, I personally suspect a lot of the 17% of small and medium sized firms who don't think Brexit will impact them may be in for a rude shock.
To be brutally honest, I personally suspect a lot of the 17% of small and medium sized firms who don't think Brexit will impact them may be in for a rude shock.
6/ Take away three: A lot of surveyed firms are looking for the exits.
29% of firms surveyed have either already moved operations overseas, are in the process of doing so or are considering doing so as a direct result of Brexit.
That's a lot.
29% of firms surveyed have either already moved operations overseas, are in the process of doing so or are considering doing so as a direct result of Brexit.
That's a lot.
7/ Breaking that 29% down, 46% of the 272 business who fall into that category are either transferring a sizable amount of their UK operations or closing their UK operations down entirely.
That's obviously not great for the UK.
That's obviously not great for the UK.
8/ Fourth take away: This survey pretty comprehensively contradicts the idea that businesses are rushing back to the UK to take advantage of the future post-Brexit regulatory Utopia.
Only 9% of respondents are moving operations back to the UK because of Brexit.
Only 9% of respondents are moving operations back to the UK because of Brexit.
9/ Fifth and final take away: Neither the UK's nor the EU's Brexit preparedness advice was scoring high marks, at least back in July.
A statistically negligible number of respondents rate the advice from the UK and EU "very helpful" 2% and 1% respectively.
A statistically negligible number of respondents rate the advice from the UK and EU "very helpful" 2% and 1% respectively.
10/ You're obviously welcome to question how representative the @The_IoD sample is, their methodology and so forth.
I however, found it edifying.
Hat tip to @AllieRenison for highlighting it on twitter.
I however, found it edifying.
Hat tip to @AllieRenison for highlighting it on twitter.
