Boost survey backs Chamber of Commerce post Brexit business optimism
A survey of 500 businesses into preparedness for Brexit, undertaken by alternative lender Boost Capital, has backed the British Chamber of Commerce’s forecast of increased confidence and growth.
Despite months of widespread fear and uncertainty following British voters’ decision to leave the EU, it seems that UK small businesses remain largely hopeful.
Whilst widespread doom and gloom has been portrayed around Brexit in the media, research from Boost Capital shows that the perception of one of the biggest political events of our time may not be as disastrous as first thought.
Boost Capital interviewed 500 UK small businesses in association with OnePoll and revealed that 90% of respondents stated that they didn’t regret their vote in the Brexit referendum earlier this year.
In the face of a nation awaiting the triggering of Article 50 (the formal legal process of Britain leaving the EU), 43% of small business owners do not believe that their businesses will be affected by Brexit in the next 12 months, whilst nearly half (48%) of respondents stated that they were expecting no impact on their businesses over the next five years.
Alex Littner, managing director of Boost Capital, said:
“Despite a lot of fear around the Brexit results, our survey shows that the overall mood of UK small businesses is largely positive. The majority are feeling confident that we can weather this storm together and come out even stronger than before.”
Key Statistics from Boost Capital’s Brexit survey:
● 43% of respondents voted to stay as part of the EU.
● 58% are not taking any precautions to protect their businesses against Brexit.
● 72% are not expecting to expand their workforce in next 12 months.
● 46% believe that foreign workers should be allowed but with restrictions.
● Those living in the North East have the most certainty that their businesses will be affected within the next 12 months as a result (47.7%).
The survey was conducted at the end of October 2016 with 500 respondents from small businesses across the UK. Survey conducted by One Poll and commissioned by Boost Capital.