June 11, 2020 1:46 PM

Are businesses prepared for what comes next?

We surveyed more than 1,000 UK businesses to find out what their experience of lockdown has been, how they expect to recover in the coming months and their thoughts and feelings on trade negotiations with the EU and ending the transition period.

Read our full report here.

The majority of respondents tell us their businesses have already been affected by lockdown and they are deeply concerned by uncertainty about what comes next.

A clear majority of respondents tell us ending transition at the end of the year without a proper trade deal or time to adjust will severely impact them. There is a clear need, and support, for an extension of the transition period.

Key Findings

  • 77% of business owners support an indefinite extension to the transition period 
  • 72% think the Government will simply fail to get any kind of deal with the EU
  • More than 90% of respondents feel the Government is handling negotiations with the EU badly
  • 86% are concerned for the financial position of their business if the UK leaves transition without a deal during the coronavirus crisis
  • 28% say they expect to survive Covid-19 but that no deal at the end of the year will put them at risk

 

Businesses, business groups and the public are clearly worried about the prospect of a No-Deal Christmas. Continued Brexit uncertainty, with very little time to prepare at a time of huge and potentially global recession, could hit British firms hardest. 

What businesses and employees need is an approach based on facts and not ideology.

What the UK needs is more time to manage the effects of global pandemic on our economy and society; to negotiate the best trading terms with our closest neighbours; and to give businesses the tools, advice and time they need to prepare.

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