With less than 50 days to go until our leave date, the prospect of what Brexit actually means for the UK really does seem no clearer.
And this uncertainty is having an effect on both employers and employees up and down the country.
The University of Warwick's Centre for Competitive Advantage in the Global Economy (CAGE) recently carried out a study, the results of which show that the average UK worker has already lost a week's wages as a direct result of Brexit.
This is based on looking back at the effect on how much money people actually end up with in their pockets. After the first year following the Brexit referendum, more than £404 extra on their annual pay was needed by the average worker to buy essentials. This was due to rising prices.
What it means is that effectively Brexit is costing the average household an extra £7.74 a week – or £404 a year.
It seems that British families are already paying an economic price for Brexit, even before any final decisions have been made. And with ongoing negotiations between the UK and the EU still taking place, nothing has been resolved as yet.
In addition to that, The Institute of Chartered Accountants in England and Wales claims that confidence has slumped among businesses. The Business Confidence Monitor recently revealed that confidence deteriorated from -12.3 in the fourth quarter of 2018 to -16.4 during this quarter. The continuing uncertainty is a huge factor in how businesses are feeling about the future.
The Institute revealed that aside from the IT and communications industry, every other sector currently stands in 'negative territory'. It also stated that it expects GDP growth of just 0.1% this quarter.
Challenging times ahead.
If you're a business owner that feels your business needs some support through these challenging times, call the team at Gibbons Mannington Phipps. They advise a number of local, owner-managed businesses across a wide range of sectors and can offer you the advice you need to guide your business through the Brexit minefield.
Give them a call today on 01424 210530.
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Cale is the Owner of 'thebestofHastings', the award winning franchise, providing integrated marketing solutions to SMEs, connecting to the Hastings community and promoting local events in 1066 Country....