Brexit concerns grow among accountants

Accountants are increasingly pessimistic over the ultimate impact of Brexit, according to the findings of a survey published today.

The latest Brexit Tracker survey commissioned by accountancy body Icas along with law firm Brodies found that members have cautiously welcomed the provisional agreement on the UK’S exit from the European Union, announced in March.

Overall, 48 per cent of respondents said the agreement was “helpful” or “very helpful”. But the survey indicates declining confidence in terms of the impact of Brexit on businesses and the wider economy compared with 12 months ago.

In terms of being ready for Brexit the survey found signs of progress, especially for larger organisations where 40 per cent say they have considered location issues, 51 per cent have reviewed supply chain issues and 61 per cent have considered HR and regulatory issues.

Christine O’neill, chairman of Brodies, said: “It is important to remember that the agreement is a ‘draft’ and the EU has been consistent in the refrain that ‘nothing is agreed until everything is agreed’.

“The agreement is not expected to be in its final form until the autumn of this year and a number of outstanding issues need to be resolved before a final text can be put to the UK Parliament, and to the European Parliament and Council, for ratification.”

Bruce Cartwright, Icas chief executive, said: “There are clearly many issues still to deal with and the latest agreement is just one step on a long road.” 0 Bruce Cartwright, chief executive of Icas