SMEs’ focus shifts away from Europe in run up to referendum

SMEs shy away from Europe
SMEs shy away from Europe

The upcoming EU referendum is already impacting SMEs, with nearly a fifth claiming they are focussing less on business growth in Europe.

Around 40% of SMEs claim that the referendum has impacted current investment decisions, and a further 15% indicated that they are postponing entering in to new business relationships.

According to research from and PKF, almost a third of small business leaders surveyed claim they have a high level of understanding of the implications of a potential Brexit on their business, while more than one in six has contacted their accountant for Brexit advice.

Capitalise MD and co-founder Paul Surtees said: “While we would expect confidence amongst SMEs to be shaken, to hear that one in three has already changed its investment strategy is indicative of just how fragile our small business economy is when faced with such uncertainty.

“Whichever way the vote falls, small businesses that have access to business advice and the financial levers they might need to call on at short notice, will be best placed to weather the referendum storm.”