Brexit uncertainty lifted slightly for business leaders – survey

Brexit uncertainty among business leaders was lifted following the general election result last month but concerns remain, according to a new survey by the Bank of England.

Officials at the bank found 53% of firms reported Brexit was one of their top-three sources of uncertainty in December.

This was slightly lower that the average over the previous three months and fell further once the election results were known.

The Decision Maker Panel (DMP) survey of chief financial officers from companies across the country saw a shift after the December 12 vote, with 55% of firms reporting that Brexit was an important source of uncertainty for their business in December prior to the election.

This was the same as in November, but, post-election, this proportion fell to 49%.

Businesses, however, refused to believe Prime Minister Boris Johnson’s pledge that a new trade deal will be agreed with the EU by the end of 2020.

Around 42% of respondents said they believed Brexit would not be resolved until at least 2021 – up from 34% in November – with fewer business leaders expecting a 2020 resolution.

The DMP was set up in August 2016 by the Bank of England together with academics from Stanford University and the University of Nottingham.