Has the impact of Brexit been as negative on Britain businesses as some predicted? We take a look.
With a Supreme court decision due in January on the triggering of Article 50 and a lot of political upheaval still playing out around the rest of Europe, it seems that the dust has yet to settle on the whole Brexit debate, leaving many people feeling very uncertain about what the future might hold.
Somewhat surprisingly, then, new research which has recently been released has shown that small businesses aren’t as fearful as you might expect them to be about the prospect of life outside the European union. In fact, small businesses are even feeling confident about it.
According to the research from Boost Capital – a leading provider of business financing solutions to small businesses across the UK – the majority of small businesses in the UK feel confident that they will not only make it through the Brexit process, but that they will come out of the process even stronger than when it began.
Brexit poll of 500 UK small businesses
The research, which was based on a poll of 500 small UK businesses and was conducted in association with OnePoll, revealed that only 43% of the respondents voted to remain a part of the EU and that over 90% of those interviewed felt that they did not regret their decision.
Though the research showed that around 72% of businesses were not expecting to expand their workforce over the next 12 months, this statistic likely cannot be wholly contributed to the decision to leave the EU, as other factors may also be at play.
On the subject of immigration and the hot debate over whether EU migrants should be allowed to live and work in the UK after Brexit, the research showed that 46% of respondents felt that migrants should be allowed to live and work in the UK, but that there should be restrictions put in place in order to control it.
This will be an important statistic for the government to consider when triggering Article 50 and entering into negotiations for a Brexit deal, as they try to balance the benefits of keeping access to the single market with the task of restricting the free movement of people to keep the UK electorate happy.
In relation to the results of the survey, Managing Director of Boost Capital Alex Littner said: “Despite a lot of fear around the Brexit results, our survey shows that the overall mood of UK small businesses is largely positive. The majority are feeling confident that we can weather this storm together and come out even stronger than before”.
So, while the future may still feel uncertain for the UK economy and the businesses that operate within it, it seems that these fears have not destroyed the confidence of small businesses. In fact, many small businesses in the UK are still optimistic that a future outside of the European Union was the right decision for the UK and that the opportunities which Brexit presents will far outweigh any of the potential difficulties which may arise from the decision to Brexit.
