Brexit – do we have proper information?

In recent months, discussions during client and prospect meetings have turned to the subject of the ‘Brexit vote’ and the implications of a yes or no vote for the business owner in question.

Lively debate and hypotheses ensue about the ramifications of staying in or leaving the EU. There is no question that this is a big decision with far reaching consequences but what strikes me is on the 23rd of June we will all be making this decision armed with very little quality information and lots of conjecture from various sources who are carrying their own agendas.

Some might argue that it is purely a question in principle of sovereignty or wider unity however, for me, this view fails to recognise the complexity and reality in practice.

As an accountant, I can’t help likening the Brexit decision to the strategic decisions made in business.  I would advise clients looking to make any major strategic decision, to ensure that they had the proper management reporting information available, to give consideration to the impact of the decision on their forecasts and to ensure that sensitivity or “what if?” analysis was conducted.

I think it is safe to say that we won’t be getting any similar assurances to help us decide. Due to the lack of information, it seems that the overriding view of the businesses that I am speaking to is that leaving the EU would potentially create unnecessary uncertainty and instability and therefore their vote is to play safe and stay in.

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