Continued political disruption including the snap general election on 8th June could exacerbate UK business growth issues according to 200 mid-sized business senior executives recently surveyed.
In the survey by Wax Digital, after access to skills, political disruption was the most common risk standing in the way of business growth ambitions. It was cited by 37 per cent, compared to just 22 per cent who cite lack of innovation and only nine per cent say a changing market was a hindrance to growth.
‘While the Prime Minister is seeking to strengthen the cause behind Brexit through a quick election there’s a danger that further political turmoil will add yet another growing pain to the list for ambitious UK businesses,’ says Daniel Ball, director, Wax Digital.
Although 77 per cent adds that the pound’s recent weakness as a currency had created surprising and favourable export conditions, four out of five UK businesses say their growth had been stalled in some way by the political ups and downs of the last 12 months.
There are also indications that a Brexit-inspired general election could be a risky move for the current leadership, especially in the business community. Two thirds (65 per cent) of business leaders surveyed say they voted to remain in the EU and the same number would do so today if required to vote again.
Ball continues, ‘It’s always possible that some in the business community may well use their general election vote as a way of trying to derail the current Brexit vision.
‘Mid-market firms are the lifeblood of the UK economy, and only through constant adaptation to the global political environment can they continue to grow. Our research has found that political disruption is having a profound impact on businesses’ growth strategies – some positive, some negative – and the government should take heed of these views.’
Further reading on the snap general election
