Not out of the woods yet - German-British Chamber survey shows business prefer patience to certainty

The German-British Chamber has published its business confidence survey results.

Unsurprisingly, nearly 90% of the respondents did not want a hard Brexit, and 64% wanted a softer Brexit than the deal previously on offer (which is in very similar form to the one currently on offer).

Despite the populist mantra beloved by populist politicans that everyone wants to "get Brexit done", it appears that it is not the case among those who trade between the two largest European economies.  Patience prevails. Nearly two thirds are even willing to live with much longer uncertainty if it leads to a softer Brexit based on a customs union or customs partnership with close Single Market alignment.

Companies see potential new trade barriers and administrative hurdles as the biggest risk for their operations. This is followed by increased uncertainty about future exchange rate developments and the medium term economic outlook for the UK. Brexit is darkening their outlook - now 55% of respondents view the economic outlook for the UK over the next five years negatively or very negatively. In spring 2019 the comparable figure was “only” 40%.

But then, the current Prime Minister has been very clear what he thinks about business.