According to estimates by Goldman Sachs, Brexit has already cost the UK economy approximately £600 million a week since the referendum, due to a 2.5% fall in GDP. With ongoing political uncertainty, this may be a trend which continues.
The British Chambers of Commerce’s latest Quarterly Economic Survey, published today, suggests that the UK’s economic strength has deteriorated considerably in the first quarter of 2019.
The survey found that the number of firms planning to invest in their operations is at its lowest level in eight years, and the percentage of firms reporting a rise in export sales is zero, the lowest level since 2009.
Finally, the balance of firms reporting improved cash-flow, has been considerably declining over recent years and has now gone into negative territory. These results were collected from 7,000 businesses across the UK between 18 February and 11 March 2019.
If you have any queries how your business may be affected by Brexit, contact us today at Audley Chaucer.
Written by Syeda Anjum