Brexit Uncertainties Force Companies to Cut Costs, Delay Hiring Plans Over the Next Year
According to a recent survey by Deloitte, ongoing uncertainty surrounding Brexit and the political situation in Britain are driving companies to cut costs and put off their hiring plans for the next year. Around 7 in 10 CFOs are planning to reduce their hiring while 6 in 10 of them are focusing on controlling costs over the next 12 months.
In addition, nearly half of the survey respondents are exploring ways to increase their cash flows in a bid to protect their companies in the face of high risks plaguing the British economy. Britain’s GDP had contracted unexpectedly in Q2 2019 as a result of stockpiling by companies ahead of the original Brexit deadline of March 29.
The recent survey by Deloitte reveals that business confidence continues to remain gloomy as the next Brexit deadline approaches, which could further impact the economy over the next year even after Britain departs out of the EU. Weak domestic demand is emerging as the second biggest risk among companies amid high uncertainty in the markets.
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