According to Lumina Intelligence’s new Top of Mind Report 2020/21, 56% of hospitality business leaders stated that they were unclear about the impact on Brexit, with a further 12% saying they ’don’t know’.
Less than a third of respondents in the poll felt clear on the impact Brexit would have on their business in the coming year.
“We have no clarity on whether there will be a deal and the resultant impact on our supply chain is therefore unknown,” one hospitality operator commented
In addition to a lack of clarity surrounding the impact of Brexit on their business, import tariffs are the top concern amongst both grocery retail and eating out business leaders.
Leaders remain concerned about the additional costs to be incurred from cross border tariffs, in addition to the availability of goods from the EU, with respondents saying that menus will have to be adapted as a result.
“Brexit has caused a great deal of uncertainty and concern to businesses across the UK food and drink industry for some time,” says Sarah Coleman, insights and communication director at Lumina Intelligence
“Due to the significant impact of the Coronavirus pandemic, it is understandable that focus has shifted to fighting the immediate challenges, but the Brexit deadline is looming and businesses need clarity on how they will be impacted and how best to prepare for this.”
The Lumina Intelligence Top of Mind business leaders survey is based on responses from approximately 100 leaders working in senior management positions and was carried out in October 2020.