Businesses in London have been the most heavily affected by Brexit, according to new research, which has found that nearly half (47%) of London workers say that Brexit has already had a negative impact on their business. This compares to a third (33%) who say the same across the rest of the country. According to the study from Tiger Recruitment , uncertainty over the UK’s exit from the EU is leaving Londoners feeling more stressed and anxious (52%), while businesses have been unable to start new projects (48%), make decisions about the direction of the business (46%), or take risks (32%).
The research, carried out by YouGov, questioned 1,000 GB employees on their experiences and concerns around Brexit in the workplace. As the 31st October deadline looms and there is still no clarity over what kind of Brexit UK businesses can expect, the findings indicate that many companies, particularly in London, are still not able to apply a ‘business-as-usual’ approach to work. In turn, this is impacting the behaviour and outlook of employees.
David Morel, CEO and Founder of Tiger Recruitment said, “It’s more than three years since the EU referendum, and while businesses have shown incredible resilience, they are crying out for certainty and stability in the political landscape.
“Businesses and their employees have to be able to make big decisions, take risks, and experiment in order to grow. Yet, as things stand, Brexit is stopping them from doing this. We’ve reached a state of limbo, which is stifling innovation and growth.”
The study also reveals a higher level of concern in London about what lies ahead, with more than half of Londoners (52%) reporting that they are worried about the impact that Brexit will have on their employer’s business in the future and in turn how this will affect them. For those who are worried, job insecurity is the overriding concern, specifically the potential of job losses (64%), stagnating wages (57%), and fewer opportunities for career progression (41%).
Morel added, “With the two Brexit factions both resolute in their positions and unable to compromise without losing face, it seems inevitable that the current limbo will go down to the wire.
“While I’m confident that businesses will remain resilient whatever the outcome, it is understandable that employees are feeling worried and insecure about the future. Employers must address this issue head on by placing extra focus on employee communication and motivation, to help allay these fears and keep employees engaged throughout the uncertainty.”