In a poll of over 4,500 accountants, 70% of whom were based in the UK, nearly half (49%) said they were feeling less confident than a year ago, with a fifth saying they are ‘much less confident.’ Business uncertainty caused by the Brexit process was the biggest driver cited by nearly a quarter of respondents, followed by concerns over single market access and loss of freedom of movement.

In contrast, less than 15% reported improving confidence, and over a third (35%) said there had been no impact. More than half (51%) saw no opportunities for their organisation from Brexit.

Helen Brand, chief executive of ACCA, said: ‘You can clearly see that uncertainty is the main driver. Uncertainty is no friend of business and 17 months on from the referendum the government’s preferred direction of travel on Brexit remains unclear.

‘The total cost in terms of investments delayed and decisions not taken is much harder to measure, but what we do know is that this uncertainty is affecting business decisions now.

‘Government needs to recognise the value of offering clarity and assurance. The Budget tried to supply provisions for a “no deal” Brexit. Yet what business really needs is a clear plan for protecting current strengths and a plan for future growth in a new era of global trade.

‘ACCA have long called for certainty over a transitional period post-2019 but as each month passes the value of any such period diminishes as businesses begin to put contingency plans into action.’

Report by Pat Sweet