Nearly three quarters of Brits think Brexit will be bad for the economy

A new survey of workers has revealed that 72 per cent believe that Brexit will do long term damage to the UK economy as Boris Johnson enters a major political battle in Parliament

by Patrick Sullivan, Political Editor on 4 September 2019 07:06

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Seven in 10 UK workers (72 per cent) feel that Brexit will be bad for the UK economy in the long term, according to a new poll. The findings, contained in an independent study of 2,000 workers, commissioned by Spearvest, the wealth management company, raises fresh fears about economic turbulence as the 31st October Brexit deadline approaches.

Additionally, almost half of those polled – 48 per cent – said they expected at least six months of severe economic turbulence following the UK’s departure from the European Union. Meanwhile over one third (36 per cent) said a no-deal Brexit would tip the UK economy into recession. 29 per cent said they expected a recession ‘worse than 2008’ and nearly one quarter (23 per cent) said they expected a house price crash. Over a fifth (21 per cent) admitted to reducing their personal spending recently to prepare for Brexit.

Over one in 10 (15 per cent) said that a no-deal Brexit would put their job at risk. Only 19 per cent said they felt that Prime Minister Boris Johnson’s government could secure a deal in time.

Wael M. Al-Nahedh, CEO, Spearvest comments: “It’s clear that the ongoing Brexit saga is having a serious impact on public confidence in the wider economic prospects of the UK. Political uncertainty can prevent investors from making important decisions, which can damage productivity in the long term. Moving forward, it’s critical that we see real clarity over the state of affairs around the impending departure from the EU, so that business can anticipate potential shockwaves associated with the process.”

Khalid Talukder, Chief Operating Officer, Elemental Financial comments: “The financial services industry must properly prepare for all possible outcomes in the withdrawal process, including a no-deal scenario. In such a volatile political climate, with so many potential ramifications, banks in particular must work hard to build bridges in critical emerging markets, to safeguard revenues and protect jobs. Whatever the end result of these turbulent times, it’s clear that a more international approach is essential to the future of the banking industry and the wider UK economy.

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