Publishers Association: Publishing Industry Remains Confident Post-Brexit
More than 70 per cent of publishers remain committed to their business investment plans despite Britain’s vote to leave the European Union, according to a survey of UK publishing houses by the Publishers Association.
Key findings of the survey include:
- The majority (73 per cent) of respondents will not change their business’s investment plans following the Brexit vote while two per cent plan to increase investment;
- Over a third (38 per cent) said they wanted a strong commitment to the existing copyright framework while another 33 per cent said they would like to see VAT reduced on epublications;
- Over half (53 per cent) of academic publishers surveyed said that reduced funding for academic research and Higher Education Institutes, was the main challenge they faced;
- Almost half (44 per cent) of the respondents said that cheaper exports due to the weaker pound would be the biggest opportunity post-Brexit, although some said this would be cancelled out by higher printing costs;
More than a third (35 per cent) said that higher costs of doing business, such as higher import costs, was one of the biggest challenges created by the Brexit vote, according to the Publishers Association.
Stephen Lotinga, Publishers Association chief executive, said: “Our survey shows that despite the economic uncertainty caused by the Brexit vote, the UK publishing industry remains resilient and will continue to play an important role in the creative sector and the UK economy as a whole.
“However, it also highlights the challenges the industry faces, including higher business costs due to the weaker pound and the difficulty planning in an uncertain environment. We will make sure that these concerns are addressed by Government, as well as working to secure the industry’s key priorities moving forward.”