Only 2% of FTSE 350 firms predict any benefit from Brexit
Just 2% of FTSE 350 businesses predict an improvement in the UK economic conditions as Brexit fears intensify, a new study suggests.
The latest Governance Institute survey in association with the Financial Times of FTSE 350 firms found that 81% predict a decline (up from 55% noted in the summer 2018 survey) and just 2% predict any improvement - the lowest level since the surveys began in 2012.
The survey also revealed that 73% predict damage to their company as a result of Brexit - up from 43% recorded in last summer's survey.
There has also been a sharp rise in the number of companies now reporting Brexit as a principal risk (56%, up from 39% in summer 2018), although just 28% of companies are increasing inventory to prepare for a no-deal Brexit. Concerns about the global economy were also highlighted with just 11% of respondents predicting an improvement over the next 12 months.
Matthew Fell, chief UK policy director for CBI, said: "Brexit, inevitably, dominates the landscape but this survey is a timely reminder that there are many reasons why this is such a critical moment for boardrooms across the country.
"First, the need for vigilance, accuracy and insight on company performance in an ever more complex world. Second, powerful reasons for companies to redouble their efforts on issues ranging from diversity through to relationships with employees, customers and other stakeholders. And third, the scale and scope of risks to manage are growing, from cyber-security through to political uncertainty around the world."