Over the past three years, as we have torturously debated our departure from the European Union, we have heard a lot from the Brexiteers about the industries that might benefit from leaving the EU. Some of these predictions may materialise, others may not. There is one industry, however, that is already doing very well as a result of the referendum. Lots of consultants are making a shedload of money.
In the past few weeks, it has become clear just how much. Brexit ‘grifters’, to borrow a phrase from the classic 1990 movie, are roaming the country, occasionally helping companies cope with a significant yet hardly earth-shattering change in trading relations with our closest neighbours, but rather more often delivering over-hyped, hammed-up warnings of disaster to sell a service which is completely useless. Rather like the millennium bug scare at the turn of the century, Brexit consulting is turning into an epic scam. Indeed, much of the alarm over our departure may simply be the result of the advice industry over-selling itself.
There is no question that consulting on Brexit is now big business. Last month, PwC, one of the largest consulting firms, reported bumper profits and payment to partners of £765,000 each, on the back of a 22 per cent rise in consulting revenue, much of which was related to Brexit. According to the Management Consultancies Association (MCA), the industry is now expanding at the second-fastest rate in a decade, in part because of work on our departure from the EU.
The government has been spending money like crazy. Earlier this year, it was reported it had already racked up £75 million in consulting fees, with the bulk going to big firms such as McKinsey, Bain, Deloitte, PA Consulting and EY.
Comments
Join the debate for just £1 a month
Be part of the conversation with other Spectator readers by getting your first three months for £3.
UNLOCK ACCESS Just £1 a monthAlready a subscriber? Log in