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UK SMEs still confident despite Brexit uncertainty

The latest research has shown that more than three quarters (77%) of SMEs in the UK are feeling confident over the future.

This research was carried out by CitySprint, a same-day courier service provider. It is the sixth time the company has interviewed 1,000 SME managers for its Collaborate UK survey.

The results of the survey showed that business confidence is gradually growing. In 2016, only 29% of those who answered CitySprint’s questions said that they felt confident about the future. By 2017, it was 46%. This year, 77% were feeling positive.

Firms which had been in operation for under three years, were more upbeat than the older ones were. Only 34% of the decision-makers in firms that were 15 to 20 years old were feeling confident about the future,

When asked about Brexit, 30% said they saw it as the main obstacle to growing their business over the coming 12 months. Despite this, many, especially the smallest firms, had yet to do anything to prepare for Brexit.

Interestingly, 39% of participants said that Brexit was currently having positive impacts. With the help of their team and accountants, Birkenhead firms and those in the Wirral, which narrowly voted in favour of remaining in the EU, are actively growing their activities in Europe.

In total, 41% were seeking out new customers on the European continent. While 20% were expanding into Asia and 25% into North America. Despite their concerns about Brexit, most SMEs were keen to grow internationally.

Patrick Gallagher, the chief executive of CitySprint Group, pointed out that more collaboration could help firms to achieve their goals faster. He said:

“Working together they will be able to weather the economic highs and lows and reach their ambitious growth plans – both at home and abroad.”

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