Brexit debate is costing companies dear

Canvassing the opinions of chief financial officers and key decision makers from UK firms with a turnover of £20m or over, FEXCO found that 64% of respondents claimed their business had suffered due to the Brexit debate. In London 87% of those questioned said they had taken a financial hit from the uncertainty.

“The pound began 2016 by falling against most major currencies, and slipped by nearly 5% against the euro and almost 4% against the dollar during the two months after the referendum was announced,” said David Lamb, head of dealing, at FEXCO.

He added: “Though it has since rallied a little, sterling’s depreciation has given an unexpected shot in the arm to many British exporters, whose goods and services have suddenly become cheaper for overseas customers. However a clear majority of medium to large British businesses feel the net effect of the uncertainty caused by the referendum has hurt their bottom line.”