Over half of UK businesses believe Brexit will trigger a drop in revenue in 2019.
The is according to new research by MHR Analytics, the specialist provider of business intelligence and analytics solutions.
The findings are contained in a new report entitled ‘Business Insight: The Data Surge.’ It contains detailed polling of 200 senior decision-makers in large and medium sized UK businesses about their investment plans.
When asked which factor was most likely to trigger a drop in revenue for 2019, the majority believed it would be Brexit at 57%, followed by reduced customer spending at 22%.
The survey found that businesses were boosting investment in key areas to tackle the revenue drop, with IT coming top by a significant margin, suggesting tech spend is of huge importance to companies.
The percentage of businesses will increasing spend on IT in 2019 is 59%, whereas 48% believe marketing will also see an increase and 46% are planning to boost investment in sales.
Nick Felton, SVP at MHR Analytics, said: “It’s clear that businesses are braced for significant turbulence next year and are planning major investment in key areas to power through an anticipated drop in revenues. Despite these fears, companies are adopting a combative approach to this problem, with departments such as IT, marketing and sales all set for a cash injection.”