Brin or Brexit? Which side has a wafer-thin lead in poll?

MORE business bosses in the North West think a Brexit would make their companies worse off in the long term than better off – but only by a whisker, according to a new poll.

Accountants and business advisers HURST quizzed 2,823 managing directors and finance directors at firms across the region about the likely impact of Britain leaving the EU.

HURST posed the question: “If the UK leaves the EU, how do you think your business will be faring in five years’ time?”

A third of respondents (33%) said they felt their firms would be worse off, while 32% said predicted they would be better off. The remaining 35% said they did not expect any change.

The anonymous online poll included an opportunity for respondents to say why they held a particular view.

Those who think a Brexit will leave their companies worse off cited fears over a fall in the value of sterling, uncertainty, reduced overseas investment and the potential loss of access to key European markets.

Comments included: “There will be carnage, the pound in free-fall, and it will take years to sort out trade agreements.”

“I feel it will lead to anti-British feeling and have an effect on UK firms’ ability to win business.”

“Costs may rise due to barriers, but it will be impossible to increase our selling prices, affecting our turnover, margins and then jobs.”

“My gut feeling is that we need to work together with our near neighbours to compete with the big economic regions of the USA, China and Russia. Tariffs could well be imposed and these would be detrimental to all manufacturing sectors.”

Those who feel a Brexit will leave their companies better off cited less EU red tape as a key factor, while the prospect of a devalued pound could bring benefits by making exporters’ prices more competitive.

Comments included: “There’ll be less interference from Brussels in the running of our company, less red tape and an ability to exercise more control over our own destiny.”

“There will be a wider market place to go for, unfettered by EU rules. The pound may devalue, so making my prices more competitive.”

“As an SME manufacturer and exporter, EU regulation which strongly favours multinationals restricts our work and our exports.”

“We will be in a much better position because we will have to be more competitive. It will be a massive catalyst to change, and we can become a real powerhouse on the world stage.”

Tim Potter, chief executive of HURST, said: “We wanted to understand what our client base felt about the potential long-term consequences of a Brexit on their businesses.
 
“While the raw results show there is a virtually even split, the comments do shed light on the fears and hopes of north west entrepreneurs in relation to Britain’s membership of the EU.

“Some see a Brexit as a great opportunity to explore new markets while others feel it could prove harmful to their prospects.”