UK SMEs feeling positive about post-Brexit future, survey shows

Research from OCO Global found that SMEs are feeling optimistic about their future, with more than 30% believing that the UK’s exit from the EU will have a positive impact on their business.

The business management consultant’s SME Brexit Survey showed that businesses in London are feeling the most optimistic, with 50% believing that Brexit will have a positive impact, a higher percentage than in many other regions in the UK.

Positive impact

The survey showed that 32% of businesses have already felt some positive impact since the vote for the UK to leave the EU, with positivity being highest amongst SMEs that are exporting. More than 40% of SMEs that are exporting have reported a positive impact, while an additional 40% expect this to continue after Brexit.

Respondents also reported an improvement in their business since the EU Referendum, with 37% saying that they have gained new customers and contracts and 36% saying that they have managed to boost their sales with their existing customers.

Positive outlook

The study also identified which sectors have a positive outlook about the future, with more than 50% of businesses operating in the Business Services sector expressing optimism, which is higher than in the IT, Manufacturing, and Retail or Wholesale sectors, where optimism stood at 43%, 34% and 18% respectively.

Optimism levels were also found to vary depending on the size of businesses, with 46% of small businesses feeling positive about their future compared to 30% of larger companies.