Three quarters (74%) of business leaders expect the general economic condition of the country will decline over the next 12 months, up from 66% this time last year. Just 8% expect it to improve. The overwhelming majority of the FTSE 500 see the resolution of uncertainty around Brexit as the most important issue facing Britain today (95%). Most are not confident in the ability of the government to negotiate a good deal for UK businesses with the EU (68%). Only one fifth (19%) of business leaders agree they are confident.

1. Captains of Industry 2018 | Public | Version 1
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1
Captains of Industry
2018

2. 2Captains of Industry 2018 | Public | Version 1
Economic Optimism since 1987
0
10
20
30
40
50
60
70
80
90
100
'87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18
C1. DO YOU THINK THAT THE GENERAL ECONOMIC CONDITION OF THE COUNTRY WILL IMPROVE, STAY THE SAME OR GET WORSE
OVER THE NEXT 12 MONTHS?
Base: British Captains of Industry (100); Interviewed Oct – Dec 2018
8%
74%

3. 3Captains of Industry 2018 | Public | Version 1
Company Optimism since 1987
0
10
20
30
40
50
60
70
80
90
'87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18
C2. DO YOU THINK THAT BUSINESS FOR YOUR OWN COMPANY WILL IMPROVE, STAY THE SAME OR GET WORSE OVER THE NEXT
12 MONTHS?
Base: British Captains of Industry (100); Interviewed Oct – Dec 2018
50%
19%

4. 4Captains of Industry 2018 | Public | Version 1
Captains’ confidence in economic policy remains low
C3. TO WHAT EXTENT DO YOU AGREE WITH THE FOLLOWING STATEMENT? IN THE LONG TERM, THIS GOVERNMENT'S POLICIES WILL
IMPROVE THE STATE OF THE BRITISH ECONOMY
Base: British Captains of Industry (100); Interviewed Oct – Dec 2018
38%
24%
31%
7%
Strongly agree Tend to agree
Neither agree nor disagree Tend to disagree
Strongly disagree No opinion
38%
38%
0
10
20
30
40
50
60
70
80
90
100
'95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18

5. 5Captains of Industry 2018 | Public | Version 1
Successful handling of Brexit is seen as vital to Captains
C3. TO WHAT EXTENT DO YOU AGREE WITH THE FOLLOWING STATEMENT? HOW WELL THE GOVERNMENT HANDLES BREXIT
NEGOTIATIONS IS VITAL TO MY BUSINESS
Base: British Captains of Industry (100); Interviewed Oct – Dec 2018
54%
46%
51%
31%
38%
27%
8%
11%
12%
7%
2%
9%
1%
2%
1%
2016
2017
2018
Strongly agree Tend to agree Neither agree nor disagree Tend to disagree Strongly disagree

6. 6Captains of Industry 2018 | Public | Version 1
Majority of Captains do not support Labour’s policies
C3. TO WHAT EXTENT DO YOU AGREE WITH THE FOLLOWING STATEMENT? LABOUR’S POLICIES WOULD IMPROVE THE STATE OF THE
BRITISH ECONOMY
Base: British Captains of Industry (100); Interviewed Oct – Dec 2018
1%4% 21% 73%2018
Strongly agree Tend to agree Neither agree nor disagree Tend to disagree Strongly disagree

7. 7Captains of Industry 2018 | Public | Version 1
Far fewer Captains see Brexit as a risk this year…
CEU8. TO WHAT EXTENT DO YOU AGREE OR DISAGREE WITH THE FOLLOWING STATEMENTS ABOUT THE UK’S RELATIONSHIP WITH
THE EU? THE DECISION TO LEAVE THE EU IS A SIGNIFICANT RISK TO MY COMPANY
Base: British Captains of Industry (100); Interviewed Oct – Dec 2018
25%
20%
28%
30%
34%
27%
20%
22%
19%
16%
19%
21%
10%
5%
5%
2016
2017
2018
Strongly agree Tend to agree Neither agree nor disagree Tend to disagree Strongly disagree

8. 8Captains of Industry 2018 | Public | Version 1
…and are confident their companies can adapt
CEU8. TO WHAT EXTENT DO YOU AGREE OR DISAGREE WITH THE FOLLOWING STATEMENTS ABOUT THE UK’S RELATIONSHIP WITH
THE EU? I AM CONFIDENT MY COMPANY CAN ADAPT TO THE CONSEQUENCES OF LEAVING THE EU
Base: British Captains of Industry (100); Interviewed Oct – Dec 2018
48%
52%
42%
47%
46%
50%
4%
4%
2%
4%
1%2016
2017
2018
Strongly agree Tend to agree Neither agree nor disagree Tend to disagree Strongly disagree

9. 9Captains of Industry 2018 | Public | Version 1
Captains’ confidence in Brexit negotiations remains low
CEU8. TO WHAT EXTENT DO YOU AGREE OR DISAGREE WITH THE FOLLOWING STATEMENTS ABOUT THE UK’S RELATIONSHIP WITH
THE EU? I AM CONFIDENT IN THE ABILITY OF THE GOVERNMENT TO NEGOTIATE THE BEST DEAL POSSIBLE FOR UK BUSINESSES WITH
THE EU
Base: British Captains of Industry (100); Interviewed Oct – Dec 2018
2%
2%
18%
11%
19%
29%
17%
13%
37%
46%
46%
13%
23%
22%
1%
1%
2016
2017
2018
Strongly agree Tend to agree Neither agree nor disagree Tend to disagree Strongly disagree No opinion

10. 10Captains of Industry 2018 | Public | Version 1
Captains don’t think Brexit will bring new opportunities
CEU8. TO WHAT EXTENT DO YOU AGREE OR DISAGREE WITH THE FOLLOWING STATEMENTS ABOUT THE UK’S RELATIONSHIP WITH
THE EU? THE DECISION TO LEAVE THE EU WILL BRING SIGNIFICANT NEW OPPORTUNITIES FOR MY COMPANY
Base: British Captains of Industry (100); Interviewed Oct – Dec 2018
1% 8% 18% 33% 40%2018
Strongly agree Tend to agree Neither agree nor disagree Tend to disagree Strongly disagree

11. 11Captains of Industry 2018 | Public | Version 1
1%2%
30%
43%
24%
3%
11%
30%
40%
16%
2%
9%
18%
49%
19%
3%
2%
8%
23%
53%
11% 2%
6%
14%
19%
38%
14%
9%
6%
19%
26%26%
14%
9%
Captains think Brexit is worse than predicted a year ago
CEU2A. DO YOU THINK THAT THE BUSINESS SITUATION OF YOUR COMPANY IS / WILL BE MORE POSITIVE OR NEGATIVE SO FAR
COMPARED TO WHAT IT WOULD HAVE BEEN IF THE UK HAD VOTED TO STAY IN THE EU, OR HAS IT MADE NO DIFFERENCE?
Base: British Captains of Industry (100); Interviewed Oct – Dec 2018
Since the referendum In 12 months time In 5 years time
A lot more positive A little more positive Makes no difference No opinionA lot more negativeA little more negative

12. 12Captains of Industry 2018 | Public | Version 1
Captains think ‘no deal’ would have negative impact
CEU13. OVERALL, WOULD THE UK LEAVING THE EU WITH NO DEAL HAVE A POSITIVE OR A NEGATIVE IMPACT ON YOUR BUSINESS?
Base: British Captains of Industry (100); Interviewed Oct – Dec 2018
2% 19% 37% 41%2018
Very positive Fairly positive No change Fairly negative Very negative