A survey of more than 750 decision-makers within UK businesses has revealed how Covid-19, Brexit and US politics have damaged their confidence.
At least a third of UK businesses expect to close within the next five years, according to research from global logistics firm One World Express.
The firm commissioned a survey of more than 750 decision-makers within UK businesses. The analysis shows that almost two-thirds (64 per cent) believe a combination of Covid-19 and Brexit made 2020 the hardest year on record.
As a consequence, a quarter (25 per cent) of UK business leaders predict that their organisations will not survive until the end of 2021. Confidence drops even further when considering their longer-term survival – more than a third (36 per cent) believe that their business will be forced to close down in the next five years.
One World Express’s research also found that international factors have affected the confidence of business leaders, with three in 10 (31 per cent) stating that Donald Trump’s presidency has negatively impacted their business.
Atul Bhakta, CEO of One World Express, said: “Brexit uncertainty and Covid-19 made 2020 an extremely challenging year for businesses. It comes as no surprise that business leaders are looking to the future with some apprehension.
“Nonetheless, there are reasons to be optimistic. At the moment, we are transitioning out of a challenging period. Vaccines are being deployed across the UK, and businesses are slowly adjusting to the UK’s new relationship with the EU. During this time, new opportunities are emerging, including new trading prospects in jurisdictions outside of Europe.
“That being said, there are still some challenging times ahead. I urge businesses to explore all trading options available to them and seek advice from experts where necessary. Doing so will certainly help organisations survive, and even thrive, in the post-Brexit world."