Over half of UK’s SMEs are unprepared for Brexit despite another missed exit date

Over half (54%) of the UK’s SMEs, equating to 3.1 million businesses, admit they had not prepared in any way for Brexit ahead of the 31 October deadline according to the latest Q3 SME Confidence Tracker from Bibby Financial Services. Fewer SMEs are investing and the amount they are investing on average has also fallen. The research shows that the number of SMEs investing (69%) is 11 percentage points lower than the same time last year (80%). Average investment spend is also down for the first time this year as SMEs plan on average to invest £69,000 over the next 3 months. Investment spend has waned in 2019 as uncertainly has reduced SMEs appetite for risk. Before the EU referendum in Q2 2016 SMEs were on average investing over £100,000. Of those not investing at all, over half felt that they were being held back by the uncertain economic environment in the UK and unpredictability arising from the UK’s exit from the EU.

Source: BankNews
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