British businesses remain broadly confident about their success post-Brexit, with nearly half of businesses in London still expecting to grow this year.
Despite the uncertainty created by Brexit, more than 40 percent of businesses in the UK – and nearly half of those based in London – expect to expand on target during 2017, according to research conducted by RateSetter Business Finance shows that, .
82 percent of businesses owners intend to invest in their company in 2017, despite it being harder and harder to find investment. The total value of business lending dropped by 11 percent in 2016 compared with 2015 and, more recently, borrowing by non-financial companies decreased by £1.6 billion in February.
Paul Marston, RateSetter’s Managing Director, Commercial Finance, commented:
“While the exact impact of Brexit on small and medium sized businesses will not become clear for some time, it’s reassuring to see that almost half expect to grow this year and are considering the finance they need to make this possible.”
“For the best SMEs, 2017 will present many opportunities, and we’re already seeing high-calibre businesses approaching us for finance in order to grow and become more productive.”
This latest survey correlates with one undertaken by law firm Herbert Smith Freehills, in which an overwhelming 89 per cent of respondents to the study said that Brexit had not changed their spending habits. Many stated that it was too early and the climate too uncertain to determine the specific effects that splitting from the EU will have on their business.