Small Business Owners Less Worried About Brexit Than Before the Referendum

Prior to the referendum, fifty-two percent of the small as well as medium-sized enterprise (SME) leaders were convinced that the share prices preceding Brexit would fall. However, this has already reduced to thirty-nine percent based from a study conducted by Opinium.

Last May, twenty-eight percent of SMEs were convinced that Brexit will result to a recession. However, this has now reduced to eighteen percent. Also, slightly more are convinced of the economy growing continually same as the time prior to the referendum.

Now, just a little under forty-five percent are still thinking that a slowdown will happen in the economic growth even though this will not result to a recession.

Post-Brexit effect on businesses

Opinium Research’s managing director, James Endersby mentioned that the shock created from the referendum caused all businesses to consider the possible ramifications of Brexit. He added that since time has already passed since the vote, this should put SME leaders in a good position to start entering negotiations and to see long term consequences work out.

Turvec Solutions’ co-founder, George Hosegood said that their business imports their bicycle parking products mostly from the Netherlands, and the pound’s fluctuating value after Brexit resulted to some uncertainties in their company’s margins. He added that there was no decline in the demand after the referendum, and they don’t believe a negative long-term consequence of Brexit will happen to their business.

Impact on the exporters

Fastlane International, an international courier that ships to the EU, strongly opposed Brexit due to its possible effect on the UK exporters of new taxes and tariffs. However, their shipments have since increased according to David Jinks, head of consumer research.

He said that this is somehow due to their export customers wanting to take advantage of the pound’s low value, and British goods are cheap overseas.

Jinks added that their company is employing additional customer service staff to support their continued expansion, and there seems to be no sign of a slowdown in the e-commerce’s exponential rise.

In addition, their shipments to Australia, India and the United States are also noticeably increasing year after year according to Jinks.