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Bankstream index: What impact has Brexit had?

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23rd Aug 2016
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This quarter AccountingWEB and Bankstream are looking to answer the question on everyone’s lips: Has the “leave” vote damaged the UK economy?

Every quarter, the Bankstream Accountants Confidence Index polls AccountingWEB members to explore the issues affecting business and practitioners and to compile a benchmark for economic expectations.

The last survey took place in May and attained a mark of 7.2 out of 10 - one of the highest readings since the index started at the beginning of 2015. The optimistic surge came after a difficult winter in which self assessment season appeared to be worse than usual. But due to its timing, the summer index did not anticipate the shock, chaos and uncertainty triggered by the referendum result.

Assessments of the economic impact of Brexit are often coloured by the provider’s stance on EU membership. This month’s Bankstream index survey gives you the opportunity to put that right by collating perspectives from practitioners who are working with businesses to understand and cope with any economic impacts.

The quarterly Bankstream index survey also delves into the issues that affect performance within accountancy firms, such as bookkeeping workflows and efficiency, and gathering client information for self assessment season. Now is the time when practices have some time to put improvements in place.

To accompany the quarterly survey report in September, Bankstream will also publish a set of practical tips firms can implement to streamline their internal processes and clear potential bottlenecks before they start to bite later in the year. 

Tell us what you're thinking about the current state of the profession for your chance to win a £500 Amazon voucher. Take the survey here

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By rememberscarborough
23rd Aug 2016 13:31

As a finance professional I was always taught to try and be impartial yet every time I see a topic on "Brexit" the whole subject seems to be prejudiced even before any results have been announced. Even when results seem to be good news e.g. employment data, the "experts" shake their head and say it's just delaying the bad news.

It's almost as if the financial world wants to country to fail and suffer just to prove they were right....

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By MelanieC
24th Aug 2016 13:42

When you consider that economies are based on confidence, its been extremely difficult to plaster on a smile, telling my clients that all will be fine.
One of them now has its staff on a four day week as a direct result of the weak pound and another has had to close, having lost its biggest contract to a French company when its client just didn't want to 'deal with England' anymore.
I do think the consequences of Brexit will be far reaching and I am worried that we are already seeing such fallout even before we leave.
Its not just about financial instability, there is a lot of bad feeling towards the English who are now considered at best, a bit 'snobby' and at worst, not very bright by our European connections. I hope we can pull back from this and I will continue to tell my own clients that we can pull through it. (with a smile)

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