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Brexit undermining UK competitiveness, survey finds

Brexit_signsInvestment professionals overwhelmingly believe Brexit has deteriorated UK competitiveness and are concerned over the country’s job opportunities in the future, a study has found.

According to a report by CFA UK, the British division of the CFA Institute, nearly 80% of investment professionals surveyed said the UK’s long good bye with the European bloc has undermined its competitiveness.

EU respondents remained the most pessimistic regarding the UK’s strength as a financial centre, the report found. Nearly 90% said the country’s competitiveness had suffered due to Brexit.

Will Goodhart, chief executive of CFA UK said: “Brexit continues to impact investment professionals’ view of the UK’s ability to compete with other financial centres, and a relatively high proportion of EU nationals in particular are still intending to leave the UK later this year.

More investment professionals are now expecting the UK to crash out of the EU without a deal. Just 40% said they expect a soft Brexit with a transition period, compared to 53% last year.

Those expecting a hard Brexit with no transition period rose from just 20% last year, to 31% this year.

Over 60% of respondents said they would continue working in the UK post-Brexit, down from 86% before the referendum.

The survey – which canvassed over 1,200 CFA UK members – also found that those undecided about staying in the country had also risen.

More than a quarter of those surveyed this year (26%) were unsure, while 20% in 2018 were uncertain. Nearly 20% of all investment professionals and 23% of EU respondents are now actively looking for a role outside the UK.

Analysis published by index provider MSCI on Wednesday claimed that a no-deal Brexit could batter the UK economy.

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