Businesses To Bank On Britain After Brexit
59% of all UK small businesses expect to experience growth in the UK over the next year, compared to just 20% for Europe
UK small businesses believe they’ll have to rely heavily on home-grown trade in post-Brexit Britain, as few see room for growth in Europe.
According to a study from Hitachi Capital, 59% of all UK small businesses expect to experience growth in the UK over the next year, compared to just 20% for Europe.
With regards the rest of the world, 18% of small firms are looking towards North America as a possible market, while 9% have eyes on Australia and New Zealand – with 7% believing their business could potentially generate growth in Japan, East Asia and the Pacific nations.
When it comes to the domestic market, a North-South divide appears evident – as 71% of small firms in the North East and 69% in the North West cite the UK as their biggest growth market, compared to just 51% in London.
Gavin Wraith-Carter, Hitachi Capital business finance managing director, said:
“For many smaller ventures, the UK domestic market is key to their growth outlook, which is good news for inward investment and job creation.”