Survey suggests CI firms are more concerned by skills shortage than Brexit

Monday 05 March 2018

Half of owner-managed businesses (OMBs) in the Channel Islands consider a shortage of skilled staff as a key concern, compared to 41% of businesses in the UK, research carried out by accountancy firm Moore Stephens has suggested.

Moore Stephens’ 2018 Owner Managed Business shows that the main worry for UK owner-managed businesses is Brexit, with 51% of them concerned about the impact it will have.

Phillip Callow, Managing Director at Moore Stephens Audit & Assurance, said: “The focus of CI businesses on skills could be down to it being more challenging for the Channel Islands to bring skilled professionals to the islands or to train our own. Of course, this situation could also become even more difficult post-Brexit.”

Despite 60% of UK and Channel Island OMBs being confident in the general outlook for 2018, a high number (78% in UK and 75% in Channel Islands) were concerned
about the strength of the UK economy in 2018.

Mr Callow said: “Our report shows confidence is lacking around the stability of the UK economy, which in itself brings uncertainty. OMBs need certainty to be able to
develop their business and will be hit harder if the economy suffers once the UK leaves the European Union.

“This uncertainty could be the reason why only 20% of Channel Island OMBs are planning to invest in new technology or IT systems. This shows that issues surrounding Brexit and business are not isolated; they have knock-on effects. These figures give a voice to smaller businesses that might not otherwise be heard – if we would like to continue to support our economy we should support Channel Island owner-managed businesses to alleviate the shortages in skilled staff as this is clearly more of a concern than Brexit.”