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Economic growth will be limited, according to UK managers

BUSINESS: London, UK

THE MAJORITY of managers in the UK believe that Brexit will hold back economic growth in 2017, with many also expecting long-term economic damage, a survey has found.

A poll of 1,118 UK managers by the Chartered Management Institute (CMI) found 65 per cent business leaders were pessimistic about the UK’s economic outlook for the next 12-18 months.

Throughout 2016, only 39 per cent of managers described their businesses as experiencing growth, the lowest figure since 2012.

When asked about the impact of the UK’s vote to leave the EU on economic growth, 49 per cent thought it would be negative.

In addition to the economic effect of Brexit, the survey also sought UK managers’ views on what effect Donald Trump’s presidency might have on the economy. 40 per cent believe his election victory will damage the UK economy, compared with 31 per cent who think his election win will be positive for the UK.

Speaking on the survey, Ann Francke, the chief executive of the CMI, said that despite uncertain times ahead there were still opportunities for “forward-thinking”.

“Although it’s clear that there are significant challenges posed by the UK’s decision to Brexit, as a country we need to move forward and harness pragmatic positivity,” she said.

“In this climate of heightened political uncertainty and economic turbulence, the time is now to position Britain as a global leader in responsible capitalism, targeting essential issues like workplace ethics, inclusivity and executive pay to restore trust and transparency and improve productivity.”

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