Quarter of SMEs’ minds changing about Brexit

25 per cent of SME business owners who were in favour of remaining in the EU have changed their minds, while 13 per cent of those who want to leave the EU now want to remain, shows a survey from Close Brothers Asset Finance.

The study, conducted in August and September 2019 by an independent specialist research firm, surveyed 850 SMEs from across the UK.

The study also looked at a potential no-deal Brexit, with 60 per cent of the view that they are well versed on what a no-deal Brexit will mean for the UK.

The remaining 40 per cent are split between those saying the uncertainty is making them want to remain in the EU, with 27 per cent, and 13 per cent hoping Brexit still goes ahead.

Neil Davies, CEO of Close Brothers Asset Finance, said: “We think this s a result of wanting certainty, rather than the current fluid position and an element of greater understanding of how Brexit will affect their individual business.”

“When we unpick the results, our research tells is that the smaller the business, the less likely they are to have changed their mind, with 76 per cent of SMEs with fewer than ten employees not having had a change of mind.”

“This is probably because their exposure to, and reliance on, Europe is likely to be less than their larger counterparts.”

“Because many smaller businesses have limited dealings with Europe in a day-to-day basis, it’s giving them confidence that they’ll be able to continue as before.”

“Companies at the larger end of the scale are the most prepared because they’ve got both the resources and the motivation given their exposure to Europe, and they are incentivised to be as prepared as the they can be.”