On the 23rd of June, the people of Britain voted to leave the European Union which was a surprise to many. Shockwaves shuddered across Europe, triggering the media into a frenzy and generally causing increased uncertainty amongst the people and businesses of Great Britain.
Fast forward to the current day, the dust has settled and the economy appears to have weathered the initial storm. The Government claims to be making inroads into an exit strategy and monetary policy has been adjusted to best support the economy during this period of transition. So, where does that leave UK businesses?
Even in relatively uncertain times, it is becoming apparent that fear is starting to dispel amongst SMEs as just 18% believe Brexit will result in a recession, a drop from 28% in May. Barclays research shows that despite Brexit, 78% of business leaders think the UK is a good place to start a business and in the three months after the referendum on the 23rd June, the number of firms in significant financial distress fell 6% from the preceding quarter.
This favourable news reinforces the fact that British business is adaptable and resilient; something we have learnt through history and something BarrettClark has learnt through our C-suite and executive networks. The talented executives running companies in the consumer space are constantly adapting to both favourable and adverse conditions. It’s why they are in the top positions and it’s why we, as a nation, are perceived as an influential world leader.
We must harness consumer confidence and avoid a self-fulfilling prophecy around “talking ourselves into another recession”. Fortunately for the economy, the British mindset generally takes a no nonsense, get on with it approach, which underpins our identity. Our emphatic ability to manage change, to adapt and Darwinize enables us to constantly move forward.
As an Executive Search firm we are working on more assignments than pre 23rd June and we don’t envisage this changing anytime soon. After all, change presents opportunity, a view our friends across the pond will soon need to adopt as they face their own version of Brexit.