Businesses brush off Brexit fallout

Almost half of Britain’s business owners do not think Brexit will have an impact on their company, according to a new study from delivery service CitySprint.

Surprisingly a fifth of those questioned also said they wanted the government to immediately trigger Article 50 of the Lisbon Treaty, which will officially start Britain’s exit from the EU.

Despite the pound falling to a 30-year low only 14 per cent of those surveyed said they were concerned that leaving the EU will significantly affect them.

When it came to the future of their business, 68 per cent of respondents stated that they feel either as confident, or more confident, about their company than they did 12 months ago.

However, almost a third admitted they are more uncertain about the future, reporting that they did not know how their strategy for growth would be impacted.

This research is reflected in the latest UK Jobs Report which shows that businesses are getting on with business as usual with around 72 per cent of business owners surveyed saying they intended to maintain or increase their investment in people regardless of Brexit.

Patrick Gallagher, Chief Executive of CitySprint, said: “It’s fantastic to see that the UK’s SMEs remain upbeat and ready to tackle whatever lies ahead.

“We know that they are resilient, having weathered the economic ups and downs over recent years, but business leaders must not become blasé about the future. As a business leader myself, I have been working closely with my leadership team to prepare for every likely eventuality.”

“One of the most powerful ways to build lasting security is through collaborating with other businesses of a similar size. Our research finds that those who successfully buddy-up and partner with others tend to be more optimistic about the future and in a better position financially. SMEs should forge collaborative relationships to help safeguard their Brexit bounce back.”

However, in London the story is different, with many companies fearing the impact of Brexit. More than a quarter of London’s small business leaders think the Brexit vote will significantly disrupt their business, while more than half feel less confident about the future than they did a year ago.

Almost half of the London SMEs questioned said they are planning to review arrangements with their partners and suppliers as a way to cut costs, compared with a national average of 30 per cent.

Link: City Sprint Report