60 per cent of UK mid-sized businesses are less confident
100 days since the General Election and mid-sized businesses are no clearer on their post-Brexit future, with almost two thirds reporting a drop in confidence about their own growth ambitions.
Research published today by accountancy and business advisory firm BDO LLP revealed 60 per cent of the UK’s mid-sized businesses are less confident in achieving their growth ambitions following the unpredicted election result.
The research, which surveyed 400 mid-sized businesses across the UK, also found just fout per cent of these businesses are feeling more confident in the 100 days since the election.
Despite still dominating headlines and a raft of positioning papers this summer, 83 per cent of British mid-sized businesses said no clearer picture of the future of the UK’s trading relationship with the EU is emerging. A further 58 per cent named clarity on Brexit negotiations as the number one factor they’d like to see the new Government and policymakers focus on as the new political season begins with the Liberal Democrat conference this week.
Brexit wasn’t the only concern for these ambitious mid-sized firms – which BDO calls the UK economic engine – as over a quarter (26 per cent) wants to see the new Government and policymakers focus on skills and productivity.
The UK’s mid-sized businesses – typically mid-market, AIM-listed or private equity-owned – account for one third of all private sector revenue (£1.2tn) and 45 per cent of private sector employment. They created more jobs in the last year than small and large businesses combined.
Despite their contribution to the economy, these businesses are often overlooked and undervalued by Government and policymakers. BDO is calling for more action to help boost growth in the years ahead.
Paul Eagland, Managing Partner, BDO LLP, said: “As party conference season begins, these businesses will be looking for answers not only on the future of the UK’s trading relationships, but also a response to the growing concerns on skills and productivity in a post-Brexit world.
“One thing we can be certain of now is that these dynamic businesses make a staggering contribution to our economy – they must be placed at the heart of Government plans and Brexit negotiations to help achieve their own growth ambitions and, in turn, continue to fuel our economy.”