UK SMEs: Brexit and Beyond

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Small and Medium Business Confidence Drops by 19% in 12 Months

While the UK is still ranked in the top ten most competitive economies by the World Economic Forum, this is far from assured after Brexit. In these times of uncertainty and rapid change, it’s more important than ever to understand the position of smaller companies who make up the majority of UK private business – the environment where they operate, the biggest challenges and opportunities, and their plans to deal with life outside of the EU.

Results from Survey of Business Owners

Our latest survey of small and medium enterprises (SMEs) in the UK highlighted that overdue payments remain a prevalent challenge for many respondents. Those we surveyed have seen the average amount owed to them rise by almost a quarter from £64,000 in 2017 to £80,000 in 2018, impacting cash flow and future growth.

Small business leaders also point to other factors impacting growth, including access to finance, the adoption of new technology, recruitment of the right talent, and managing compliance with new regulations like the GDPR. It continues to be a turbulent environment and 65% of the SMEs we surveyed felt that there should be more support from government to help them weather current challenges.

Potential Big Moves for UK SMEs

The next 12 months will be pivotal for the future of the UK economy and the small businesses vital to it. As we look ahead to a year of historic change in 2019, we hope you find the insights interesting and thought provoking.

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