Brexit to cause long-term damage to London, says survey

Brexit to cause long-term damage to London, says survey

International Association of Bookkeepers - Bookkeeping Qualifications, Bookkeeping Study and exams

Three-quarters of UK firms have experienced trade disruption since Brexit and almost half (49%) expect disruption to continue in the long-term, research from EY and London First has found.

London has been particularly hard hit, with 85% of companies in the capital reporting problems. Some 53% of London businesses expect the disruption to continue for the long-term.

The three most problematic areas cited in the survey are to customs and supply chains (72%), tax and VAT (70%) and regulation (68%).

Delays to getting goods to destinations (43%), having to re-register with regulatory bodies in the UK and EU (37%), dealing with changes in contracts (38%) and data (34%) are also causing problems for businesses.

Nearly a third (29%) of respondents said Brexit has led to cost rises for their firm, with half (49%) of businesses planning to pass those costs to consumers.

Sally Jones, EY’s trade strategy and Brexit lead, added: “For businesses operating in, and across, the UK [Brexit] has created significant disruption and challenges to how they operate and trade.

“By outlining these challenges, we hope to help inform policymakers so that when engaging with businesses they highlight where more focus is needed as the trading environment evolves and additional trade agreements are agreed.”

Latest Posts