A group of executive leaders from the energy industry have admitted the will look to reduce investment levels in the UK after it leaves the European Union.
In a survey of 150 “c-suite” leaders from a range of industries, law firm DWF found that 59 per cent of those from the energy and natural resources sector say they will curtail investment. The same proportion said that political uncertainty in the UK is a barrier to growth for their businesses.
Other worries identified in the survey include access to capital and skilled workers.
82 per cent of the energy sector respondents said they think it will be more difficult to access capital once the UK is outside the European Union, regardless of the nature of any Brexit deal and 59 per cent said they are concerned they will not be able to recruit the talent they need in order to achieve business ambitions.
Andrew Symms, Partner and Head of Energy and Industrials at DWF – whose energy practice has particular expertise in the nuclear and renewables industries – urged government to take on board the concerns revealed in his firm’s research.
“As the Government enters talks with Brussels in tandem with next month’s general election, steps must be taken to alleviate the unsettling environment that UK companies have found themselves in,” he said.
“Only then will organisations have the confidence to invest, support our economy and guarantee our future energy supply.”