IoD Scotland conference poll reveals ‘no deal’ Brexit fears are real

A poll of delegates to the Institute of Directors Scotland’s annual conference at Gleneagles last week has revealed that more than a third of them believe there would be ‘no deal’ with the EU as a result of the current Brexit negotiations.

The results of the survey of Scottish business leaders also showed that 87 per cent feared such a scenario, with 73 per cent believing it would tip the country into recession, and 85 per cent braced for an exacerbation of Scotland’s skills shortage as a result.

IoD Scotland executive director David Watt said: “In a separate survey of IoD members, only 40 per cent of businesses stated that they had taken serious steps to prepare for Brexit, whether for a deal or no deal.

“This leaves a significant proportion of the business community unprepared which will undoubtedly cause disruption as soon as March 30 2019 hits.

“Of course, technology can and will likely play a significant role in supporting Brexit preparations. We must ensure that staff are equipped with the relevant skills to take the business forward.”

This year’s IoD Scotland conference had the theme of “the future is now” and 61 of respondents believed companies should be prioritising disruptive digital technologies over Brexit preparations for longer term growth.

Debbie Crosbie, group chief operating officer and executive director of banking giant CYBG, said it was vital established businesses considered new ways of working or they would be “left behind” by agile start-ups.

She said: “The pace of change and the pace of expectation is accelerating.

“Technology is changing everything and those who don’t embrace it will be left behind.

“Banking used to be all about scale. It’s not anymore. I think very large scale in banking is becoming a strategic disadvantage as speed is everything.”