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41% of SMEs feel Brexit has negatively impacted their business PDF Print E-mail
Monday, 10 July 2017
62% of UK SMEs voted to remain in the EU. 41% said Brexit has negatively impacted their business since the referendum, and just 5% said it has positively impacted them.

A survey, conducted by small business lender, Liberis, asked over 500 UK small business owners how they voted in the 2016 EU Referendum and what effects Brexit has had on their business since. The results found that 62% of British SMEs had voted to remain.

Since negotiations to leave the European Union began, 41% of those surveyed said that they had felt a negative impact due to Brexit and just 5% said they had felt a positive impact. Product sourcing and services have been hit the hardest with 27% of businesses citing these areas a struggle since the leave vote.

41% of over 500 surveyed SMEs said the triggering of Article 50 has had a negative impact on their business, and just 5% said it has had a positive impact.
‘Product sourcing’ and ‘bottom line’ have been negatively impacted the most since the drop in the pound, say UK SMEs.
65% said leaving the EU will not affect their ability to hire staff.

SMEs voting to leave or remain
Almost two thirds of those surveyed said they voted to remain in the EU; with the IT, online and marketing sectors holding the majority for this vote at for 77% of this total.
Of business owners who voted to leave the EU, retail was the sector who voted to leave the most at 17%, suggesting that access to the free market might not be as important to small UK retailers.
According to the survey, the highest earning businesses – i.e. those with a turnover of over £1,000,000 a year - voted to leave the EU more than any other, at 30%. At the opposite end of the spectrum, 60% of micro businesses – i.e. those with a turnover of up to £50,000 - voted to remain.

Negative Effects of Brexit
41% of those polled said that the triggering of Article 50 has had a ‘negative affect’ on their business. However, 54% revealed they haven’t felt either positive or negative effects on their business at all.
When asked which areas of their businesses have been negatively affected by the decision to leave, the majority, 47%, said “none of the above”, in reference to the areas: sales or leads, business relationships, bottom line, business development, product or service sourcing and hiring staff.
However, 27% of SMEs surveyed said that product and service sourcing has suffered, with bottom line also being negatively affected by the referendum results at 24%.

Positive Effects of Brexit
When asked which areas of their business have been positively affected by Brexit, 76% said ‘none of the above’ in answer to the same categories as above. Only 12% said sales and leads have positively benefited.
The survey also found that 65% of respondents don’t believe leaving the European Union will affect their business’ ability to hire staff.

Imports and Exports
The surveyed businesses, who said they import and export, were split on how leaving the EU would affect their ability to source products, services or materials at a reasonable price; with 52% assuming a negative impact.
 
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