The UK’s SMEs are weathering the post-Brexit storm, with many expecting things to pick up soon. The latest Owner Managed Business (OMB) Barometer from Bank of Cyprus UK revelas that 51% of business owners expect revenues to rise in the coming year, while 45% believe the UK economy is in a good shape, compared to only 28% who do not.
In common with many experts, the UK’s SME owners are adopting a wait and see approach to the real fallout from Brexit. Many believe very little will change in terms of access to the single market and recruitment policy, while just over a third of these businesses (36%) expect to lose access to the single EU market, whereas the majority (64%) do not.
Results are ‘very encouraging’
Two-thirds (66%) also think that Brexit will make no difference to their recruitment policy and only 13% 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 says that 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.”