The quarterly survey of global CFOs and finance professionals, conducted by the Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA) has found that UK business confidence rebounded in the quarter ahead of the triggering of Article 50.
The performance is consistent with a global uplift in confidence, with an optimistic mood in the US combining with a stable outlook in China, India and the eurozone.
Faye Chua, head of business insights at ACCA, said: “Confidence levels in the UK since the referendum in June have surprised many observers, with consumer spending proving robust and the fall in sterling providing a boost to exporters. Even with the expectation that Article 50 would be triggered by the end of the quarter, businesses are still clearly expecting favourable economic conditions in the short term. Yet while this means the UK enters the Brexit negotiations in better shape than anticipated, this only marks the beginning of a long and uncertain process.”
Small and medium sized business owners and entrepreneurs should use this two-year period following the triggering of Article 50 to minimise Brexit disruption by reviewing and adjusting their business models, including their supply chain, products and services and methods of acquiring and retaining talent.
Our business experts at Beavis Morgan are able to guide you on your strategy and assist in making those all-important business decisions that will have the greatest impact on future success.