British businesses are beginning to ‘shrug off’ Brexit uncertainties, with just under two thirds (65 per cent) feeling confident about their future and anticipating strong growth over the next two years.
According to a comprehensive survey carried out by Wesleyan Bank, just 11 per cent of UK small and medium-sized enterprises (SMEs) are worried about Britain’s exit from the European Union (EU) and how it might affect their business.
Meanwhile, the vast majority are expecting growth of at least 40 per cent over the next two years.
The bank’s SME Heroes or Zeros 2018 report, which was published earlier this week, also found that half (50 per cent) of business decision makers are adamant that they will not let Brexit ‘dictate’ their growth strategy in the years ahead.
This is up from just 27 per cent of SME owners and managers that said the same this time last year – suggesting that Brexit-related fears among UK SMEs have fallen substantially year-on-year.
Commenting on the data, Paul Slapa, of Wesleyan Bank, said: “The UK’s economic outlook is often clouded by negativity, but this research highlights that SMEs are performing strongly and have built solid foundations to prosper, both pre and post-Brexit.
“Unless there is a material impact on their business today, there is no reason why SMEs should put on hold their investment plans to sustain and maximise growth,” he added.