Brexit: A New Start for British SMEs Despite Challenges

Brexit: A New Start for British SMEs Despite Challenges
12.04.2017 10:00 am

Brexit: A New Start for British SMEs Despite Challenges


A survey of 1000 UK SMEs, commissioned by cloud accountancy software Pandle, has uncovered that six out of ten UK SMEs are confident in the government's ability to negotiate trade deals, and over one in three think that brexit will positively impact their business.

In light of the recent triggering of Article 50, almost half (47%) of UK SMEs feel that they’re being rushed to prepare for Brexit, however 56% stated that the government is doing enough to support them. Similar findings have been published in The SME Growth Tracker report, which highlighted SMEs’ growing confidence - with businesses now forecasting a 2.3% rise in revenue growth.

While the majority of SMEs are confident in the UK government's ability to negotiate trade deals, over four in ten (41%) are concerned that importing will become more difficult post-Brexit and that the deadlines set won’t be met. This issue will become a focal point in the negotiations as SMEs make up 99% of the businesses in every main sector in the UK and one in three (32%) small businesses are involved in overseas trade as importers and/or exporters, with the vast majority of these businesses trading with the EU single market.

“It’s important that the Brexit negotiators keep SMEs top of mind during the talks,” said Lee Murphy, owner of Pandle. “SMEs are the lifeblood of the UK and Brexit could easily make or break some of these businesses, especially when considering the tariffs that the EU may place on imports and exports.”

Related News

Mphasis named one of the UK’s Top 50 fastest-growing Indian companies

Mphasis (BSE: 526299; NSE: MPHASIS), an Information Technology (IT) solutions provider specializing in... Read more »

Two in Five Fortune 500 Companies Choose Alibaba Cloud

Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, said today it has supported 38 percent of the Fortune 500 companies over the... Read more »

Boost to Smaller British Construction Firms as Updates to Sage Accounting Means Teams can Collaborate Wherever They Are, Saving Time, Staying Compliant

Sage, the market leader in cloud business management solutions, today announced new updates to its Small Business Accounting Solution. Designed to support small businesses in... Read more »

Cloud9 Chooses OpenFin to Empower “Virtual Trading Desks”

Cloud9 Technologies ("Cloud9"), a leader in cloud-based communications, has partnered with OpenFin, the operating system (OS) of finance, to streamline the deployment of Cloud9... Read more »

TIBCO Connected Intelligence Cloud Powers Agile Tool for Safe, Responsible Return to Work

TIBCO Software Inc., a global leader in enterprise data, empowers its customers to connect,... Read more »

Colt launches multi-cloud connectivity underpinned by its award-winning SD WAN offering

Colt Technology Services has today announced the launch of multi-cloud access on its award-... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel