New survey reveals many UK’s SMEs express concern over Brexit

A survey of 900 businesses conducted on behalf of Close Brothers Asset Finance reveals many of the UK’s SMEs have expressed concern about the impact Brexit could have on the supply chain.

Results show SMEs have started planning for the various possible outcomes and that the larger the turnover, the more likely it is that plans are already either in place or are being formulated.

Of the 900 business owners surveyed, 40 per cent said they export goods to the EU, with the North East the highest of the regions, at 59 per cent.

The prevailing view is that any reorganising of the supply chain will not be in anyone’s best interest, yet one in five of those surveyed are of the view that it’s not necessarily a negative.

Manufacturers, 31 per cent feel that there will be some benefit to a reorganising of the supply chain against 32 per cent who say they will ‘suffer’.

“This forward thinking is typical of the enterprise shown by the UK’s SMEs. It clearly demonstrates that in the absence of certainty, businesses have taken it upon themselves to assess the impact leaving the EU will have on the supply chain, which for many businesses exposed to Europe, is critical,” said Neil Davies, CEO, Close Brothers Asset Finance.

“In the key sectors that have strong relationships in and with Europe, including Engineering, Manufacturing and Transport, planning is advanced and above the national average of 47 per cent who admitted they’d started their planning."

Davies added:“Looking at the figures, with 51 per cent selecting the ‘neither’ option, it’s clear that the continued uncertainty means businesses have little idea of the impact a reorganisation will have, it’s not something they have ever had to deal with on this scale."