UK SMEs expect not to get what they want from Brexit process, finds survey

UK SME business owners have voiced their concern that what they want and what they are going to get from the Brexit process is going to be very different, according to the latest data from the Close Brothers Asset Finance.

The survey of 900 firms conducted in April 2019 shows that while four in 10 respondents want the UK to leave the EU, only 27 per cent think it will actually happen.

A further 27 per cent want the UK to remain in the EU while just 12 per cent think this will be the eventual outcome.

Neil Davies, CEO for Close Brothers Asset Finance, said: “What this tells us is that they aren’t for example, confined to a specific area and skewing the overall results.”

 “There is a clear disconnect between what business owners want for their firm and what they think they will eventually get, which is not surprising given the number of options still on the table.”

“Business owners are saying that the likely outcome of the least palatable option, a long extension to Article 50, is continued uncertainty.”

“The results aren’t as alarming as they might sound on initial reading. Many firms, particularly those at the smaller end of the scale, have very limited dealings with the EU, so it stands to reason that they don’t feel there’s much they need to do.”

“That said, 78 firms admitted to having set-up an EU company or subsidiary with 98 also changing their systems to reflect the change in the UK’s status for trading with the EU.”

“All of this comes at a cost, both financial and in terms of time spent on the preparations.”