Over 60% of Yorkshire SMEs believe Brexit won’t negatively impact business, according to new report

88% of SMEs in Yorkshire are confident about their business performance going into 2017, according to the latest Aldermore SME Future Attitudes report, a survey conducted amongst 1,000 SMEs in the UK.

Despite likely economic headwinds, the report reveals that Yorkshire businesses are either expecting their revenues to grow or remain constant during the next 12 months.

As for the whole of the UK, only 82% expect revenues to grow or remain constant in the next year.

39% of UK businesses planning to grow in the coming 12 months will do so by launching new products and services, while three in ten 30% intend to enter new markets.

20% of SMEs are planning to expand by enhancing their technology, and 19% are doing so by investing additional capital into their business. Only 16% said they will recruit new staff to boost production.

On the topic of Brexit, 66% of SMEs in Yorkshire said they do not expect the decision to leave the EU to negatively impact their business, stating that it will either have a positive impact or no impact on their company.

Carl D’Ammassa, Aldermore’s group managing director of business finance, said: “Yorkshire SMEs’ views on the expected impact of Brexit are in line with the views of the rest of the UK, but Yorkshire companies are slightly more confident about their growth prospects in the coming year compared to the UK average.

“It is certainly encouraging to see that SMEs remain positive despite likely economic headwinds.

“Such business expansion is often underpinned by external funding or investment, and it is therefore crucial that companies can access the funding they need to realise their growth ambitions.

“Some SMEs will tap into their existing operating surpluses or personal savings but we are hoping to do more to educate businesses about other more bespoke, flexible and often cheaper options available such as asset finance and invoice finance.”

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