UK and European business are united in the face of Brexit: they think it’s bad for Britain and bad for the EU too

Survey reveals the hidden fears behind Brexit and its effect on global mobility

A survey which sought to find out what Europeans – and those in the UK – think of Brexit has revealed the biggest points of agreement: that it’s bad for international business and not good for the European Union either.

Ever since the UK voted in a referendum to leave the EU, Brexit has barely been out of the headlines.

But Crown World Mobility, a business which helps corporations manage global talent, wanted to find out how other countries in Europe feel about Brexit too and what it will mean to those working outside of the UK.

It polled 2,505 business professionals in the Germany, Republic of Ireland and the Netherlands, and 1,013 in the UK, who work in companies which offer international assignments – the very people whose working lives could be most affected by Brexit.

The survey found significant fears across Europe that Brexit could not only impact the UK but be bad for the European Union itself – and bad for international business and global mobility too.

The results showed:

  • 56 per cent of people in the UK say Brexit will be bad for the EU – with 57 per cent in Germany agreeing, along with 51 per cent in the Netherlands and 55 per cent in Ireland.
  • 54 per cent of people in the UK say international businesses will be negatively impacted by Brexit.
  • 57 per cent of people in Germany say international businesses will be negatively impacted by Brexit, whilst 17 per cent say it will be positively impacted.
  • 48 per cent of people in the Netherlands say international businesses will be negatively impacted by Brexit, whilst 27 per cent say it will be positively impacted.
  • 65 per cent of people in Ireland say international businesses will be negatively impacted by Brexit, whilst 18 per cent say it will be positively impacted.

 

Phil Smith, Global Financial & Compensation Services Leader at Crown World Mobility, said: “These results demonstrate a significant level of concern across Europe for what Brexit is going to eventually look like.

“The future relationship between the EU and the UK is still unclear at this stage – and that lack of clarity is driving a mixed response across Europe.

“Our experience is that businesses are making plans to prepare for a painful Brexit, just in case. So, whilst the UK is still seen as a key destination and market, organisations are already planning to reduce their reliance on having to relocate their people to be physically here – and are considering other markets too.”

Daniel Halfpap, Director Business Development Central & Eastern Europe at Crown World Mobility, does not see the results as entirely negative, however.

He said:

“The overall feeling in Europe is that Brexit is bad for business – but we live in a global economy and Brexit does not have to be a doomsday scenario.

“For those who work in global mobility, there will always be a corporate assignee population somewhere. It may shift, but it doesn’t go away. And for international businesses you sense that the market will find a way once things settle down.

“Certainly, businesses should be preparing for Brexit, and there is evidence is that they are doing exactly that, but it’s not a time to panic. The survey shows there are still areas of agreement between the UK and its European partners. So, yes, Germany thinks Brexit is bad for the EU, but that demonstrates how much it values trade with the UK.”

 

Please visit www.crownworldmobility.com for more information.


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