Over one quarter (28 percent) of UK small and medium-sized enterprises (SMEs) are expecting a revenue bounce in the first three months following the UK’s official departure from the European Union on Friday, January 31st.
The findings were contained in a survey of 200 senior business decision-makers in SMEs, commissioned by Leonne International, the private equity firm focussed on the development of SMEs. The survey also found that 37 percent expect the UK economy to grow substantially following Brexit. Business owners from West Midlands are most confident of this, with 50 percent agreeing, followed by 45 percent of North West of England and 42 percent of the North East.
Furthermore, 41 percent of surveyed business decision-makers believe a majority government to be good for their business growth, rising to 60 percent of those from the North East.
The polling also found that 51 percent agree the government should offer more tax breaks to SMEs this year. Meanwhile, 18 percent are planning to open a new office in 2020 and a further 32 percent are planning to increase technology spending this year, suggesting that many decision-makers are optimistic about the new year, and confident about the areas that require further funding and growth.
Michael Haston, CEO, Leonne International comments:
“As we reach the final chapter of the Brexit saga, business decision-makers will be relieved to finally have some clarity about the future of our economy, industry, and trade. Therefore, we can expect 2020 to be a great year for many SMEs, who have been the engine of the economy and the champions of technological and business innovation in the past few years.
“With the start of the new year and increased clarity on our political and economic situation, SMEs should be seizing the opportunity for growth – often, this requires access to financial support in order to maintain in-house stability and profitability and facilitate long-term growth.”