Summary: Over 200 legal, risk and compliance professionals representing some of the UK’s largest financial institutions took part in our Brexit Business Barometer survey. The results reveal that, whilst the majority agree that Brexit has had a negative impact on the sector, only a small proportion of respondents have considered moving their business from the UK as part of their contingency planning process...
The personal impact
The infographic below shows that the financial services community is waiting patiently to assess the personal impact of Brexit, with 67% of respondents saying that it's too early to say if their working life has changed as a result.
The business impact and contingency planning
However, 58% have noticed the impact at a firm-level, the majority of which (87%) said that the impact has been negative. Interestingly this negative outlook does not seem to be reflected in confirms contingency planning, with only 15% of responders' firms considering or planning a move outside of the UK to overcome the Brexit challenge.
Opportunities to influence
We were surprised to see that only 40% of respondents feel that UK firms are in the position to influence the Brexit negotiations. We firmly believe that the opportunity to do so is substantial, and that it's better to ensure your firm’s voice is heard now, as opposed to after Article 50 is triggered.