Research from international payments company OFX has revealed that the majority of small and medium-sized UK businesses (53 per cent) are preoccupied with other global concerns, other than Brexit.
The company’s third annual survey of 500 senior SME decision-makers has revealed that other factors such as the global economic slowdown to be the biggest threat to their business over the next year.
Almost one in five feared a slowdown in the world economy, with 19 per cent saying that it had actively decreased their appetite for international trade.
In fact, 39 per cent of businesses surveyed said that Brexit uncertainty had no effect on their company’s international strategy.
Instead, almost 48 per cent of SMEs surveyed had increased overseas sales by an average of £45,000 in the last year, while 44 per cent expect to increase international sales in the 12 months ahead.
Trump’s ‘America first’ trade policies are having a greater impact according to SMEs, with 21 per cent reporting a decreased appetite for UK-US trade.
Sarah Webb, President, UK and Europe at OFX said, “While UK businesses are right to prepare themselves for the risks of a no-deal Brexit, this should not be the only issue that takes their attention right now.
“The knock-on effects of a global economic slowdown could end up posing a bigger challenge to global trade and the currency markets, so it’s comforting to see small to medium-sized businesses taking action to protect themselves so they can continue to trade with confidence.”
Reanda UK is a subsidiary of leading independent accountancy firm Grunberg & Co Limited. Our aim is to help businesses and individuals to navigate the UK’s world-renowned business and tax infrastructure, and to support them with their international ambitions. To find out how we can help you, please contact us.