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|EY Study indicates positive outlook for the UK, but businesses must operate with caution post-Brexit|
|Tuesday, 21 February 2017|
“Statistics released by Ernst & Young offer positive reading for Britain’s post-Brexit prospects, with the Office for Budget Responsibility’s (OBR) forecast expected to lower borrowing predictions and revise UK GDP up to 1.6% from 1.4%. Nonetheless business leaders must prepare for the long term challenges, as the true impact of Brexit remains unknown and won’t be felt until well after Article 50 is invoked. Business growth and opportunity will become even harder to secure, although UK entrepreneurs remain optimistic about prospects; our research plainly highlighted the challenges with 64% of businesses already seeing Brexit damage potential growth.
“Despite the UK economy displaying an initial resilience, it remains to be seen whether Brexit will be positive for the finances of UK-based companies. The announcement of a ‘hard Brexit’ offered a strong indication of the route the UK will be moving towards but discussions on topics such as financial passporting, immigration, etc. will continue for some time. Meanwhile, businesses looking to secure smart growth should turn to data. Data can uncover potential opportunities, while also helping to mitigate potential risk. The business world is moving towards a digitally-led era, and with that comes the necessity to implement a data-led approach that can help businesses thrive in times of economic uncertainty.”
Markus Kuger, Senior Economist, Dun & Bradstreet
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