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With Brexit looming, two thirds of London SMEs say they are less confident about their business prospects

A new survey by npower business had highlighted the unease rippling through London’s SME community ahead of the triggering of Article 50 on Wednesday.

In a survey of 1088 UK SMEs, the company found that only 37% of London SME leaders canvassed were feeling more confident about their business prospects for the year ahead compared to their sentiments back in 2016.

Similarly, 44% of respondents said that Brexit was the main reason for the change in their attitudes, with the fall in the value of the pound and uncertainty surrounding the economy set to be exacerbated by the impending Brexit talks.

Elsewhere in the survey, cash flow problems ahead of the business rates hike and the difficulty of accessing finance have hinted at a possible squeeze on company purse strings, with 17% saying they had to rely on personal savings to fund their business while 14% admitted to missing a payday.

Richard Longbottom, Acting Head of npower Business, hailed the role of SMEs across the UK’s towns and cities, but called on more cross-collaboration between the country’s small firms to help boost their prospects.

He said: “However, it’s clear from our research that some of these businesses are relying entirely on themselves to succeed. At npower Business, we believe SMEs could do more to learn from each other in the same way that we continually learn from those who we talk to everyday.

“This is why we are calling on SMEs to share their superpowers and learn from each other to help improve their bottom line.”

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