Member economic outlook and Brexit survey results
Research
Publication date:
02 March 2018
Last updated:
18 December 2023
Economic and employment prospects for 2018.
Economic outlook for 2018
- This edition of our Member Survey shows that there has been a notable improvement in economic and employment confidence in 2017 among CII members compared to 2016, when the outlook was darkened by the UK’s vote to leave the EU.
- 33% of survey respondents expect economic and business prospects to improve in the 2017 survey. In 2016, only 23% of members expected an improvement in the economy while almost half of members expected the economy to deteriorate.
- Employment prospects are also higher than in 2016. Survey results for 2017 show that 40% of members are more positive about employment prospects than 12 months ago, compared to a figure of 29% in 2016.
Brexit
- Most members believe Brexit is bad for the economy, with 41% disagreeing with the proposal that Brexit is making Britain a better place to do business for their firm - over three times more than the number of members who think that it is (14%).
- Just over half (50.4%) of respondents do not feel confident that their interests are being well represented in the UK government’s Brexit negotiations with the EU.
- Chartered Insurance Institute members are split down the middle over the desired UK-EU future regulatory relationship with the EU post Brexit. 33% of CII members would prefer to position the sector with light-touch regulation and supervision to try to gain extra global business, while 36% would choose to remain close or ‘equivalent’ to EU legislation.
- Out of respondents who know how their firm’s investment has changed since the EU referendum, nearly three quarters (72%) have not changed their plans.
- The majority of senior workers think it is unlikely that their firms will move operations out of the UK in the event of a ‘no deal’ scenario. However, significantly, 14% of CEOs and nearly a quarter of Senior Directors (22%) believe it is likely or highly likely that their firm will do so.
- A total of 37% of CII members believe that a second Brexit referendum would be highly or somewhat beneficial to their firm, more than double the number of members who would consider it to be highly or somehow damaging (15%).
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.