Monday 24 October 2016

PwC says companies now over initial Brexit shock

Published 04/10/2016 | 07:31

The PwC building at One Spencer Dock had been expected to sell for €242m.
The PwC building at One Spencer Dock had been expected to sell for €242m.

Auditing and corporate advisory firm PwC believes companies have overcome the initial shock of Britain's vote to leave the European Union and are getting on with preparing for the changes that lie ahead, the firm said on Tuesday.

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"I think we are through the initial shock. We're seeing companies getting back to business, working through scenarios, impacts and the opportunities, which, when so much uncertainty remains, is essential," said Bob Moritz, Chairman of PwC International in a statement reporting a 7 percent rise in its revenues to a record $35.9 billion for the year ended June 30.

Moritz said that in the immediate aftermath of the referendum in June, over 20,000 people watched a webcast broadcast by PwC UK and raised hundreds of questions given how unexpected the result was, with a team of people now working on Brexit globally.

PwC itself does not expect Brexit changes to have a direct impact on how it operates.

"For us, PwC is organized on a country by country basis, and we are used to working internally cross-border, and for clients as well, so we won’t be affected by any potential changes," said Moritz.

Britons' vote for Brexit on June 23 took many investors and chief executives by surprise, triggering the biggest ever one-day fall in sterling against the dollar.

The latest survey of 115 financial services firms by business lobby CBI and PwC in September found that optimism fell during the three months to September, the third quarter in a row that it has dropped, marking the longest decline since the depths of the financial crisis in 2009.

However, businesses as well as the government have been turning to consultants for advice on how to navigate through the changes to come with Brexit, with many setting up dedicated teams to deal with demand.


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