Two fifths of SMEs say investment plans have been negatively affected by Brexit

A new survey from the Confederation of British Industry (CBI) has revealed that more than 40 per cent of UK businesses believe that Brexit has hurt their investment plans.

The Confederation’s latest Investment Survey clearly asked 357 companies in the UK how the UK’s decision to leave the EU had affected their plans, with nearly 150 saying that they changed their plans to spend as a result.

Of the 42 per cent who said their business had been affected, 98 per cent said the effect had been negative.

However, this means that the remaining majority believe that Brexit will either have no effect (58 per cent) or a positive impact (2 per cent).

Rain Newton-Smith, the CBI’s chief economist, said: “Across the UK, there are numerous examples of businesses and sectors thriving and providing jobs and growth in local communities.

“It is reassuring that the majority of businesses that responded to our survey do not feel that Brexit has changed these vital spending plans.

“But we must have our eyes wide open: an overwhelming number of those that did report an impact said it was negative. Government must do all it can to reverse this. Today’s investments are tomorrow’s jobs.

“The Government’s increasingly clear commitment to a single transition stage is welcome. Firms are making investment decisions right now, which will last for years to come. They need more sense of clarity and continuity to support jobs and prosperity.”

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