The Courier & Advertiser (Fife Edition)
IoD Scotland poll shows ‘no deal’ Brexit fears
Most Scottish business leaders believe ‘no deal’ will lead to recession
A survey of Scottish business leaders showed almost a third believe there will be ‘no deal’ from the Brexit discussions.
The poll of delegates to the Institute of Directors Scotland’s annual conference at Gleneagles revealed 31% believed there would be ‘no deal’ with the EU.
The results showed 87% feared a ‘no deal’ Brexit, with 73% believing the scenario would cause the country to fall into recession and 85% predicting it would exacerbate Scotland’s skills shortage.
Meanwhile 61% of respondents believed companies should be prioritising disruptive digital technologies over Brexit preparations for longer term growth.
This year’s IoD Scotland conference had the theme of “the future is now”.
IoD Scotland executive director David Watt said: “In a separate survey of IoD members, only 40% of businesses stated that they had taken serious steps to prepare for Brexit, whether for a deal or no deal.
“This leaves a significant proportion of the business community unprepared which will undoubtedly cause disruption as soon as March 30 2019 hits.
“Of course, technology can and will likely play a significant role in supporting Brexit preparations. We must ensure that staff are equipped with the relevant skills to take the business forward.”
Debbie Crosbie, group chief operating officer and executive director of baking giant CYBG, said it was vital established businesses considered new ways of working or they would be “left behind” by agile start-ups.
She said: “The pace of change and the pace of expectation is accelerating.
“Technology is changing everything and those who don’t embrace it will be left behind.
“Banking used to be all about scale. It’s not anymore. I think very large scale in banking is becoming a strategic disadvantage as speed is everything.”
ScotRail Alliance managing director Alex Hynes outlined his vision to make Scotland one of Europe’s best railway networks, which he said would provide a vital boost to the economy.
He said: “Scotland’s railways are on the cusp of a transformation. Our hottest market opportunity is just three miles from here where we are building a new rail connection to the Highland Spring factory at Blackford which will enable them to take lorries off the A9.”