FINANCIAL services in the UK increasingly feel risks outweigh opportunities as Brexit draws nearer, according to a survey of 250 members of the Association of Chartered Certified Accountants (Acca).
Almost half (49 per cent) of representatives from firms surveyed by Acca stated that the risks posed by Brexit are greater than the opportunities (compared to 14 per cent who believed the opposite).
Last year this negative imbalance was 40 per cent to 16 per cent respectively and this year it increased to 49 per cent and 16 per cent respectively.
The survey also found that the number of respondents making Brexit contingency plans has increased from last year. Yet over a third say they will have either little or no preparation plan in place by the time the UK formally leaves the EU in a year’s time.
At the same time, views are more balanced regarding the long-term impact of Brexit. One third (33 per cent) expect that in five years’ time the opportunities will outweigh the risks, while 32 per cent state the opposite.
Maggie McGhee, Acca's director of professional insights, said: "While this is only a snapshot of the large and diverse FS sector, the findings reflect the views commonly heard from our membership.
"While the proposed transition deal means business as a whole has some degree of clarity, the race is now on to secure a favourable Brexit outcome for financial services."
She added: "At the same, government should not lose sight of the long-term opportunities for Brexit. A favourable regulatory environment could benefit financial services if it facilitates improved relationships with the global economy.
"Yet to achieve the right levels of cooperation and coordination with our European and global partners, the work has to start now."
