SMEs claim lack of majority government hampering Brexit negotiations
By Jordan WilliamsThree-quarters (76%) of UK SMEs have claimed that the absence of a majority government is likely to negatively impact Brexit negotiations, despite stating they don't want another election this year
Section: mobile apps categories
According to the Close Brothers Business Barometer, 74% of respondents replied negatively to the question: ‘Do you think there is the appetite among business owners for another election before the end of 2017?’
Almost 25% of respondents believed the current scenario would actually benefit the UK because of the balance they felt it would bring to the process.
“Unsurprisingly, most business owners prefer the certainty a majority government brings,” said Neil Davies, CEO at Close Brothers Asset Finance (pictured above).
Last week, the chancellor of the exchequer Philip Hammond set out the government’s commitment to the financial services industry after Brexit in a speech at the UK Finance Annual Dinner.
More than three-quarters (77%) of SMEs said they had experienced no impact on business levels following the election.
“While firm owners necessarily keep a close watch on political events, it appears that they are having little impression on day-to-day business activities, which is testament to their resilience and ability to keep trading,” Neil added.
When asked ‘are you more or less confident about your business prospects compared to two years ago?’, 61% said they felt the same, 16% said “more confident”, while 23% were “less confident”.
Close Brothers Business Barometer is a quarterly survey which draws on the opinions of over 900 SME owners and senior management in the UK and Republic of Ireland.
Keywords: SMEs, UK businesses, commercial finance, SMEs, UK SMEs, Close Brothers Asset Finance, politics, Brexit, Eu referendum, majority government, minority government, Neil Davies