No doom and gloom for small businesses following June’s shock referendum result
The UK’s business owners and small businesses are confident about their post-Brexit prospects, according to the latest Owner Managed Business (OMB) Barometer from Bank of Cyprus UK.
The latest OMB Barometer reveals that the vote to take Britain out of the EU has had little impact on UK business sentiment.
More than half of business owners and small businesses (51 per cent) expect revenue to increase in the next 12 months, with only 15 per cent disagreeing with this. In line with the latest rises in some economic indicators, they are also confident in the UK economy at large, with 45 per cent believing the UK economy is in a good shape, compared to only 28 per cent who do not. The Brexit vote has also had little impact on decision making.
Only 23 per cent of small businesses are uncertain when it comes to making business decisions despite reports of uncertainty following the Brexit decision – in fact, half (50 per cent) are certain when it comes to decision making.
The UK’s business owners and small businesses believe very little will change in terms of access to the single market and recruitment policy. Just over a third of these businesses (36 per cent) expect to lose access to the single EU market, whereas the majority (64 per cent) do not. Two-thirds (66 per cent) also think that Brexit will make no difference to their recruitment policy and only 13 per cent feel that it will mean they will struggle to recruit the right workers for their businesses.
Nick Fahy, Chief Executive of Bank of Cyprus UK said: “Despite the general post-Brexit blues, the UK’s business owners and small businesses remain optimistic about their prospects, which is very encouraging. In the weeks immediately following the EU referendum vote, the UK economy contracted due to uncertainty, but this is not the case for the nation’s vital bedrock of businesses – Britain’s independent high-street retailers, family businesses and shopkeepers.”