A new survey has shown the positive mindset of UK SMEs in the wake of Brexit, with the majority of small firms saying they don’t expect trade with the EU to shrink in the coming years.
Conducted by Politico, the survey found that 62% of small and medium business directs don’t expect their trade with the EU to slow down, though manufacturers say it’s too early to tell whether leaving the bloc will be good or bad for their prospects.
Whilst combined figures show a positive mindset, there are more SMEs who expect trade to shrink rather than grow. Thirty-eight per cent said they expected some fall in orders compared to 23% who expect growth.
This sentiment is mirrored by The Engineer’s poll of British firms, with 41% saying it’s too early to tell, 31% saying Brexit will cause a drop and 27% saying they’re optimistic for growth.
‘Brexit for real’ has already caused some major headaches for businesses on both side of the Channel. Freight rates have spiked whilst re-exported products are causing tariff and Rules of Origin headaches for retailers.
Added bureaucracy, new rules on business travel and ongoing uncertainty surrounding personal data and services are challenges that will likely continue long into the future as well.
If your business is still working to adapt and change to the new trading relationship with the EU, we can help. Our Brexit FastTrack service can deliver a detailed review of your business post-Brexit to resolve the issues you are encountering.