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Accountants confirm UK firms are succeeding despite Brexit concerns

UK company owners are uncertain about the effect that Brexit will have on the way they operate, but most are still growing at a fast pace.

A recent survey carried out by the Institute of Chartered Accountants in England and Wales (ICAEW) shows that both profits and exports are on the rise. In fact, both of these are growing faster than they have done since 2015. At the same time, levels of domestic sales growth remain steady.

Over the next 12 months, growth in exports is expected to continue. This is likely to be at a rate of between 3.5 and 3.9%.

The ICAEW Chief Executive, Michael Izza, said in a press release:

“While businesses are struggling to be confident in the current environment, there are reasons to be more optimistic. Businesses are controlling costs and there is finally some improvement, though small, in export sales growth.”

Levels of capital investment are also slightly up. In addition, more firms are investing in research and staff development. This is especially important because it helps to combat the shortage of skilled labour. Nearly a quarter of firms reported that they were having difficulty in finding workers with the right skill set.

Accountants in Wirral, and many others who are located throughout the country, are seeing their clients focus on driving economic growth as a way of pushing through the uncertainty of Brexit. These accountancy firms are being kept busy helping their clients to confirm the financial viability of entering new markets and developing new products.

Posted by Peter
November 23, 2017
Research & Statistics

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