Small Business Owners ‘Increasingly Wary’ of Potential Brexit
UK economic growth falls by 4% with upcoming EU referendum and unstable global economy cited as possible causes
UK business owners are becoming ‘increasingly wary’ of the impact Britain’s exit from the EU (a Brexit) could have on them, according to a report by Smith & Williamson.
The survey of small business owners found that 81% of respondents felt that a Brexit would negatively impact their business, up 13% from June 2015.
In a worrying trend, UK economic growth has fallen by 4% with the upcoming EU referendum and unstable global economy being cited as possible causes.
Despite the negative feedback, 80% of business owners said they felt that their own prospects for the next 12 months had increased over the past quarter, up 5% from the last quarter, with 74% anticipating growth (or an acquisition) in the next 12 months.
Guy Rigby, head of entrepreneurial services at Smith & Williamson, said:
“When we first sought business owners’ thoughts on Brexit, the Conservative Party had just been elected and a potential Brexit felt quite remote. However, as we approach the referendum date, business leaders are seemingly more apprehensive about the prospect of leaving the EU.”