London, March 2019 - A ‘disorderly Brexit’ could see the UK suffer a £22 billion reduction in economic output, compared to an ‘orderly Brexit’ – a new study has revealed.
The report, developed by workforce management expert Quinyx in collaboration with Development Economics and Censuswide, includes economic analysis of ONS data and findings from an employer sentiment survey of 1,008 senior decision makers in UK firms that hire blue-collar workers. It highlights the importance of these workers to the UK economy, and the severe impact Brexit uncertainty will have on their jobs.
As part of the research, Quinyx compared the predicted growth and economic output of the UK’s blue-collar workforce under both a disorderly and an orderly Brexit scenario.
The study found that the increase in economic output generated by the UK’s manual and elementary workforce would be £31.7 billion per year under an orderly Brexit compared to £9.7 billion per year by 2024 under a disorderly Brexit. This equates to a 70% reduction or £22 billion loss each year.
Mansoor Malik, Managing Director UK & International at Quinyx, comments:
’‘The impact that a disorderly Brexit will have on the UK’s blue-collar workforce and the businesses that employ them is concerning. Access to these workers is crucial for ensuring the UK’s economic wellbeing – and employers need to make plans to avoid staff shortages in the future.
’‘A first step for employers facing staff shortages is looking at ways that they can bridge the gap between supply and demand. Given the degree of uncertainty on the horizon, seeking out new ways to attract and retain domestic staff should be a primary focus.’’