UK SMEs marginally in favour of leaving EU, according to new poll
A survey conducted by some of the UK’s leading independent accountancy firms has revealed that 46.1% of small to medium-sized business (SMEs) would prefer to leave the EU.
In total nearly 400 businesses took part in the survey that was conducted by five independent chartered accountancy firms based across the country in Lincolnshire, Essex, Middlesex, London, Buckinghamshire, Lancashire and Yorkshire.
The study also found that around 13.7% of small businesses believed there was still not enough information about the upcoming referendum on Thursday 23 June 2016 to make a decision, while the remaining 40.1% said they would like the UK to remain in the EU.
There was little geographic correlation between those wishing to remain and those wishing to leave. This was evident in two of the practices in the neighbouring counties of Lancashire and Yorkshire who recorded completely different results.
The survey showed the majority of clients at Watson Buckle in Yorkshire wished to remain in the EU (43.3% to remain, versus 36.67% to leave), whilst Bishops Chartered Accountants’ clients in Lancashire favoured leaving (51.3% to leave, versus 33.33% to remain).
Susan Sedgwick, managing director at Watson Buckle, one of the firms that took part in the survey, said:
“A common concern amongst those wishing to leave was the UK’s loss of sovereignty due to the countries ongoing membership of the EU and the expensive levies paid annually as part of the membership of the economic bloc.
“There were also more practical concerns about the red tape and bureaucracy associated with remaining and fears over the bail outs of other EU economies in recent years.”
Paresh Radia, partner at RDP Newmans, another firm that participated in the study, added:
“Those who wished to remain were focused on the potential uncertainty and economic fallout post-Brexit, with a particular focus on loss of jobs and contracts should relations breakdown with the UK’s main trading partners in Europe.”
SMEs represent the backbone of the UK Economy, with a total turnover of more than £1.8tn per annum, and account for around 60% of all private sector employment in the UK (15 million people).
Another of the managing directors, Andrew Tabernacle from Bishops Chartered Accountants, concluded:
“The survey indicates that the majority of the UK’s SMEs favour a vote to leave. Much has been written about the potential dangers to SMEs should the UK decide to leave the EU and yet many seem to wish to break away from the bloc, despite these fears.”
Martin Sheehy managing director at the Fish Partnership added that a large number of SME owners were still undecided, and that like the debate itself, much was still unclear about the outcome of June’s referendum.
