Support for Brexit Growing Among UK Business Owners

63% of small and medium business owners want to remain in the EU but many are moving to a pro-Brexit stance

Support for Brexit Growing Among UK Business Owners

Just 63% of UK small business owners wish to remain in the EU compared to 82% last year, suggesting support for a Brexit is growing – according to a report by the Business Growth Fund (BFG).

The survey of 320 small enterprise owners found that 71% believe the UK’s EU membership gives British businesses invaluable access to European markets, while 59% said they were concerned that a potential Brexit would stifle business growth.

If Britain does vote to leave the EU, 47% believe it will prompt multinational companies to relocate operations overseas with 71% believing that it will trigger another Scottish independence referendum.

Reflecting frustration with the EU, more than two-thirds of respondents (69%) claim that Britain’s membership of the EU saddles British business with unnecessary and problematic regulation.

50% of respondents also said they believed that a Brexit would not leave British businesses facing a skills shortage – compared to 35% of business owners who think it would.

Despite the concerns over economic stability, 87% of UK small firms are focused on growth over the next quarter compared to just 11% which plan to remain the same size.

Stephen Welton, chief executive of BGF, said:

“While the poll shows an uptick in support for Brexit among the business community, the majority remain in favour of staying in the EU.

“It’s also clear that despite uncertainty prompted by the vote, and economic instability overseas, British businesses remain committed to growth.”

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