70% UK SMEs Confident about Access to Finance Despite Brexit

Pile of pound coins – 70% UK SMEs Confident about Access to Finance Despite BrexitRecent findings from a Close Brothers Business Barometer report reveal that over two thirds (70%) of SME owners in the UK have no fears about their access to finance following Brexit.

Only in the Greater London area did businesses feel that the UK’s decision to leave the EU would affect their chances of acquiring funds in the future, with 57% answering “yes” to the question: “Do you expect your access to finance to be impacted by Brexit?”

Across Northern Ireland and Wales, business owners told a different story, with only 14% and 18% answering “yes” to the same question respectively.

“Overall, UK SMEs feel that despite the outcome of the EU referendum, their access to finance has not been noticeably disrupted, and nor do they expect it to be,” said Neil Davies, CEO at Close Brothers Asset Finance.

“Apart from Greater London businesses, all other regions feel that Brexit will have a limited impact on their ability to raise finance.”

The survey did highlight, however, that there is a degree of variation across sectors, with some industries expecting Brexit to have more of an impact than others.

When asked the same question – “Do you expect your access to finance to be impacted by Brexit?” – 48% of SME owners involved in engineering answered “yes”. This is compared to transport at 37%, manufacturing at 33%, construction at 28%.

The Close Brothers produce a quarterly survey of UK small business owners and management across a wide range of regions and sectors. This particular survey canvassed the opinions of more than 900 small business owners in the UK.

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