A decade after Britain voted to leave the European Union, small business owners have delivered a dramatic verdict on Brexit — with a majority saying they want closer ties with Brussels again.
New research from SME lender iwoca found that nearly three quarters of small and medium-sized business leaders believe the UK should rebuild its trading relationship with the EU.
The poll of more than 1,000 SME owners found 74 per cent support a closer relationship with Europe, while just 18 per cent oppose the idea.
Even more strikingly, six in ten business owners said they would accept more EU rules and regulations if it meant making trade easier.
And if another referendum was held tomorrow, 62 per cent of SME leaders said they would vote to rejoin the EU — compared with just 29 per cent who would choose to remain outside.
The findings represent a major shift in sentiment among the businesses that were promised new opportunities after Brexit.
The research suggests many small firms believe leaving the EU has brought more challenges than benefits.
Only 16 per cent of SMEs said Brexit had improved their business, while 35 per cent said it had damaged their operations.
Almost half — 44 per cent — said Brexit had made no noticeable difference.
Among those who reported a negative impact, the biggest complaint was increased bureaucracy.
More than half said they now faced more rules and regulations, despite Brexit supporters arguing that leaving the EU would reduce red tape.
Almost half said hiring workers from Europe had become more difficult, while 43 per cent said selling goods and services overseas had become harder.
The desire for closer EU ties was not limited to traditionally pro-European areas.
Support for rejoining was recorded across every region of the UK, with at least half of SME leaders backing the move.
Some of the strongest support came from areas that voted Leave in 2016.
Wales — where 53 per cent backed Brexit — now recorded one of the highest levels of SME support for rejoining, at 69 per cent, matching London.
The findings highlight how the economic debate around Brexit has continued to evolve since the historic referendum.
The research comes as politicians continue debating the future relationship between Britain and the EU.
For many business owners, the issue is less about political arguments and more about practical barriers — including paperwork, exports, recruitment and access to European markets.
Small firms have repeatedly warned that additional costs and administrative burdens can hit them harder than larger companies with dedicated compliance teams.
The latest figures suggest that, among Britain’s entrepreneurs, the priority is increasingly focused on easier trade rather than greater separation.
Christoph Rieche, CEO and co-founder of iwoca, said: “The message from British SMEs is clear. Anyone serious about economic growth needs to put a closer relationship with the EU back on the agenda. As a British-German business with offices in London, Leeds, Frankfurt and Berlin, we see this on both sides of the Channel every day.
“The economy has always been more pragmatic than politics. Small business leaders are not asking for a political project – they want reliable conditions to hire, trade and grow, and ten years on, Brexit still hasn’t delivered them.”
A decade after the Brexit vote promised a new economic chapter, many small businesses appear to be asking a different question:
Was leaving Europe worth the cost?
Leave a Comment