• Dec. 3, 2016, 1:47 pm

Capify survey shows UK business owners mixed on Brexit impact

The results of a survey of more than 1,000 business owners in the United Kingdom by global business finance company Capify show they are mixed in their view of the potential impact of the region’s decision to leave the European Union.

The highlights included:

  • 25.82 percent believe Brexit will greatly damage their business within the next 12 months;
  • 40.11 percent believe Brexit will slightly or severely limit their funding options;
  • 5.42 percent believe it will slightly or greatly help their business raise funds.

In a release Capify said some claim the drop in sterling won’t affect business owners until much later this year. Chambers of Commerce and the Financial Stability Board have also decided to continue providing economic stability for SMEs.

In this environment mainstream banks have cut their SME lending rates, alternative finance has helped fill the void, Capify said, adding the UK’s alternative finance market grew 83.91 percent from 2014 to 2015.

“When the results were announced on June 24, many people were left feeling shocked and uncertain about their future,” Capify CEO Tony Pegg said. “For many years, the UK has had a strong economy, ranking fifth in the world, (but) the EU also made our business owners stick to strict and often ridiculous  regulations and we are now free of that.

“I am happy to see that many business owners are still feeling positive about their future. As long as they continue to work hard and adapt accordingly, they will thrive.”

 

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