British bosses are still bullish for the future

Managers are optimistic about their companies despite being hit by supply chain disruption caused by Brexit, a survey of top executives at mid-sized British businesses has found.

Almost two thirds of executives said their businesses had felt a big impact from Britain’s departure from the European Union, with 46 per cent reporting that supply chain problems had been the most common complication, the poll by JP Morgan, the American bank, found. More than a third — 39 per cent — of respondents said the most pronounced complication of Brexit had been finding and retaining staff due to a fall in available EU workers.

Yet despite these obstacles, 81 per cent of those surveyed were either confident or very confident about their company’s prospects, JP Morgan said, and 57 per cent were bullish about the fortunes of the national economy.

Catherine Pierre, head of corporate client banking at JP Morgan’s UK arm, said: “This year will more clearly present the real-world outcomes of Brexit for many businesses across the country. It’s encouraging that so many business leaders are expecting growth and strong performances close to home in their own companies and industries.”

The bank polled 277 executives of companies with annual revenues from £20 million to £2 billion. It plans to carry out similar research annually.