New figures out today shine a light on the scale, and impact, of no-deal Brexit preparations amongst London businesses.
Released by London Chamber of Commerce and Industry, the research (carried out by ComRes) is based upon interviews with 505 London business leaders.
Headline findings from London business include:
- 9% say their business is already prepared for a no deal Brexit.
- 16% say their business intends to plan for a no deal Brexit (including 11% who say they need support in doing so).
- 16% say their business will be affected by a no deal Brexit but won’t be planning for it.
- 36% say their business won’t be affected by a no deal Brexit and won’t be planning for it.
Of those who are prepared or who are planning:
- 26% say they have cut back on investment in the UK and 20% say they have cut back on investment in London.
Of those who are prepared, who are planning, or intend to plan:
- 12% say ‘none’ of the information they need to prepare for no deal has been accessible to them. 41% say ‘not much’. 31% ‘a great deal of it. 14% ‘all the information.’
Commenting on the findings, Peter Bishop, Chief Executive of London Chamber of Commerce and Industry, said:
“These results really highlight the mixed bag of Brexit - from those businesses already prepared, those planning, those that feel they can’t plan, through to those who feel they won’t be impacted and therefore don’t need to plan.
Over half of those who are prepared, planning or intend to plan say that not much or none of the information they need to prepare for a no deal Brexit has been accessible to them. And nearly a fifth of London businesses polled say they require support in planning for a no deal Brexit.
This highlights the immediate task at hand for the Government, as they ramp up their no deal preparation campaign.
Businesses should also remember the important role that the London Chamber of Commerce and Industry can play around export documentation and international trade.”
Question: Which of the following statements best describes your business’ preparations for a no deal Brexit?
- My business will not be affected by a no deal Brexit and will not be planning for it: 36%
- My business will be affected by a no deal Brexit but will not be planning for it: 16%
- My business intends to plan for a no deal Brexit but needs support in doing so: 11%
- My business is already prepared for no deal: 9%
- My business intends to plan for a no deal Brexit and does not need support in doing so: 4%
- My business is already planning for a no deal Brexit but needs support in doing so: 7%
- My business is already planning for a no deal Brexit and does not need support in doing so: 5%
- Don’t know: 12%
Base: All businesses (n=505)
From those who are planning or have already planned: Which of the below measures have you taken in planning or preparing for a no deal Brexit?
- Cutting back on investment in the UK: 26%
- Cutting back on investment in London: 20%
- Increasing international investment beyond EU: 23%
- Setting up satellite offices outside the UK: 19%
- Reducing staff numbers: 15%
- Moving offices outside the UK: 15%
- Stockpiling: 11%
- Setting up satellite offices outside of London: 6%
- Moving offices outside of London: 6%
- Other: 12%
- None of the above: 35%
- Don’t know: 1%
Base: All who are planning or have already planned for a no deal Brexit (n=104)
For those who are intending to plan, are planning for, or have already prepared: to what extent, if at all, do you think that information you need to prepare for no deal has been accessible to you?
- All of the information I need to prepare for a 'no-deal' Brexit has been accessible: 14%
- A great deal of it: 31%
- Not much: 41%
- None: 12%
- Don’t know: 2%
Base: All who are intending to plan, are planning for or have already prepared for a 'no deal' Brexit (n=207)
ENDS
Media contact
Steven Reilly-Hii
T: +44 (0)207 203 1897
M: +44 (0)7827 241528
E: sreilly-hii@londonchamber.co.uk
NOTES TO EDITOR
ComRes interviewed 505 London business leaders online between 31st July and 12th September 2019. Data were weighted to be representative of all London businesses by size and broad industry sector. ComRes is a member of the British Polling Council and abides by its rules. Full data tables are available at www.comresglobal.com