- Support for making the EU the UK's top trading priority has risen to 52 per cent.
- Only 2 per cent of business leaders now want the government to prioritise the US.
- Nearly two-thirds back closer regulatory alignment with the EU.
Ten years after Britain voted to leave the European Union, a growing number of business leaders appear to be rethinking where the country's economic future lies.
New research from the Institute of Directors (IoD) suggests that UK-EU trade relations have become a higher priority for businesses than at any point since the survey began tracking sentiment. The findings come ahead of a planned UK-EU Summit on July 22 and as the government signals a willingness to pursue closer cooperation with Brussels.
According to the survey, 52 per cent of business leaders believe the government should make the European Union its top trading priority. That marks a sharp increase from 35 per cent a year earlier and points to a significant shift in business opinion a decade after Brexit.
By contrast, support for treating all trading partners equally fell to 35 per cent from 41 per cent. The number of respondents who said the government should prioritise the US dropped even more dramatically, falling from 10 per cent in 2025 to just 2 per cent this year.
The pull of Europe's market
Business leaders appear to be placing greater value on stability as global trade becomes increasingly unpredictable.
The IoD's findings suggest many firms continue to view the EU as the UK's most important trading partner because of integrated supply chains, geographic proximity and established commercial relationships.
Emma Rowland, trade policy adviser at the Institute of Directors, reportedly said the "gravitational pull" of the EU had strengthened over the past decade.
She reportedly argued that growing geopolitical tensions, protectionist policies and trade barriers were encouraging businesses to favour more predictable trading relationships.
The survey also found broad support for the government's efforts to rebuild relations with the bloc.
Nearly two-thirds of respondents supported proposals for closer UK-EU regulatory alignment, including 48 per cent who said they strongly supported the approach. Around one-quarter remained strongly opposed.
Seeking access without losing control
The research suggests businesses are trying to balance two objectives that have often been presented as competing priorities since Brexit.
While 64 per cent of respondents said closer alignment with EU regulations would benefit the UK economy, three-quarters also said it remained important for Britain to retain the ability to set its own rules.
At company level, 43 per cent said closer regulatory alignment would have a positive impact on their own business.
Rowland reportedly said businesses continued to face practical challenges linked to Brexit, particularly around border processes and business mobility. She argued that the upcoming summit offers an opportunity to reduce some of those frictions while improving access to European markets.
The findings may also reflect changing global realities. While political debate around Brexit often focused on expanding trade beyond Europe, the survey suggests many business leaders now view the EU as a more reliable partner at a time of increasing economic uncertainty elsewhere.
The research was based on responses from 900 business leaders across the UK and was conducted between April 16 and April 30.
For many companies, Brexit may remain settled politically. Economically, however, the conversation appears to be shifting towards how closely Britain should reconnect with its largest neighbouring market.
