British firms remain resilient despite the negative impacts of the United Kingdom’s exit from the European Union. In a survey from the Confederation of British Industry, 60% of the respondents stated that the forthcoming exit did not influence their business decisions unlike the rest who said that Brexit had adverse effects on the industry.
According to Rain Newton-Smith, CBI Chief Economist, response from majority of the businesses that participated in the survey was reassuring, as these firms do not feel that Brexit has affected thriving sectors. There is a significant number though of those who reported that the effect was negative and that government must take action to counter this adverse effect. He adds, “Today’s investments are tomorrow’s jobs. The Government’s increasingly clear commitment to a single transition stage is welcome. Firms are making investment decisions right now that will last for years to come. They need more sense of clarity and continuity to support jobs and prosperity.” CBI also proposes staying in the single market and customs union until future trade agreements are finalized and enforced.
In another news by the IPA Bellwether Report, British firms have increased marketing funds during the second quarter of the year. This would be the highest investment in Internet marketing budgets or for the decade. Bellwether also forecasts budgets spend on advertising (adspend) to increase by 0.6% in 2017 and expects higher spending and recovery to happen by 2019 to 2020. Increased spending on digital marketing conforms to platforms of engagement needed by modern consumers who prefer being informed through contemporary media.
The Bellwether survey is much appreciated by other industries and sectors as it provides significant information on business navigation during this time of economic uncertainty. The report encourages business firms to persist despite the negative impacts of Brexit.