Over half (51%) of small business owners expect revenue to increase in the next 12 months, a survey by Bank of Cyprus has found.
The survey of 1,001 business owners revealed that 45% believe the UK economy to be in good shape after the June referendum result, with only 28% disagreeing.
The survey also highlighted how little impact Brexit has had on business owners’ decision-making abilities, reporting that only 23% are uncertain when it comes to making business decisions. In fact, 50% said they are certain when it comes to decision making, despite the fears circulated immediately after the referendum vote was announced.
UK business owners also believe that very little will change concerning access to the single market, with a third (36%) of those interviewed expecting to lose access to the single market, while the majority (64%) don’t.
Business owners also expect no changes to be made to their recruitment policy, as 66% said the Brexit will make no difference and only 13% believe the vote will mean they will struggle to recruit the right worker for their business.
UK’s business owners and small businesses remain optimistic
Despite this widespread confidence from business owners, over half (55%) believe that the UK’s plans to negotiate trade deals with countries outside the European Union won’t help boost activity for them in five key areas; sales, export, commercial opportunities, customer base and talent pool.
Nick Fahy, chief executive of Bank of Cyprus UK said, “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.”
Fahy added, “It’s important that these businesses do not get left behind as we negotiate with the EU and try to achieve the very best deal. To do so would be short-changing not only the country’s enterprising small businesses, but also the UK economy.”
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