A new study conducted by Schneider Electric has found that almost a third of businesses suffered delays in projects in the last year as a result of the political and economic uncertainty created by Brexit
The study comprised 400 large businesses, 120 SMMEs and 2,000 energy customers in the UK.
The study also found that approximately 13% of businesses have pulled back on funding for key projects, many of which focus on sustainability, as a result of the furore surrounding the UK’s exit from EU.
Interestingly, the number of businesses concerned that sustainable working practices will affect profitability has “sky-rocketed” by 20% to 74% and 84% of businesses expect an economic decline in the future, a 13% increase on 2017 figures.
Schneider Electric reports 85% of business leaders feeling torn between “doing the right thing for society and doing the right thing for the performance of their business”.
–Price trumps climate – 18% of UK energy managers prioritise sustainability
–UK parliament shutdown deals hammer blow to renewable industry
–UK businesses, charities call for €1,1 billion energy efficiency push
Mike Hughes, Schneider Electric Zone President UK & Ireland, said: “It is going to take hundreds of billions of pounds to decarbonise Britain and achieve the UK government’s net-zero 2050 target, a target which we fully support. It is clear that the government is looking to the business community to fund a significant portion of the investment required and alongside cost, there is also opportunity.
“But as our research clearly shows, no business is going to risk committing millions of pounds to projects, particularly those involving new technologies without a stable environment in which to invest.”