The Publishers Association recently conducted a survey, according to which, more than 70% of publishers remain committed to their business investment plans despite Britain's vote to leave the European Union. The survey also identified key priorities for the industry going forward which included ensuring a strong government commitment to copyright and reducing VAT on e-publications.
According to the findings of the survey, majority (73%) of respondents will not change their business's investment plans following the Brexit vote while 2% plan to increase investment. Over a third (38%) said they wanted a strong commitment to the existing copyright framework while another 33% said they would like to see VAT reduced on epublications. Over half (53%) of academic publishers surveyed said that reduced funding for academic research and Higher Education Institutes, was the main challenge they faced. Almost half (44%) 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%) said that higher costs of doing business, such as higher import costs, was one of the biggest challenges created by the Brexit vote.
The survey also showed that while many publishers are concerned by the uncertainty created by the Brexit vote, some also highlighted the opportunities that Brexit presented.
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