London First and Lloyds Bank - Brexit transition period report

Date: 11-09-2017

Tagged as: EuropeUKTradeEU ReferendumBrexitTransition

 

To understand what businesses think about a Brexit transition period, London First and Lloyds Bank commissioned YouGov to undertake a nationwide survey. We asked businesses to tell us how they have adapted their business plans since the EU referendum, and whether a transition deal would help them.

Key findings in the report include:

  • Business response to the 2016 EU referendum – 54% of respondents felt that Brexit has either led businesses to: hold on investment and recruitment decisions; revise their supply chains; or seen reduced demand for their products and services
  • Potential impact of a transition period – 40% of businesses believe a transition period will have a positive impact, by enabling them to unblock investment or recruitment decisions
  • Regional discrepancies – businesses based in London, the South East and Yorkshire are most positive about a transition period. Scotland was least positive
  • Requirements of a transition period – respondents are clear that a transition period should be between 1 to 3-years. The timing is also important as 37% of respondents need an agreed transition period by the end of the year.
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