Run for the hills — or at least leave the U.K. — was the rallying cry when British citizens made the historic vote to exit the European Union. But while large companies may be considering moving their headquarters out of the U.K., small and medium-sized businesses owners say they are staying put.
That’s according to a new survey by Hitachi Capital Business Finance, which polled 1,006 small and medium-sized business owners to take a pulse on their outlook for their businesses during the next three months. While doom and gloom may be the mantra for large companies in the wake of Brexit, the study found small and medium businesses' confidence has increased 11 percent from the previous quarter. What’s more, business confidence is now at an all-time high. Based on the survey, 43 percent of small and medium-sized business owners in the U.K. are upbeat about the future.
The survey also found that, since the third quarter, there has been a large increase of 9 percent of small and medium-sized business owners that said they expect to see significant growth compared to those who are anticipating modest growth.
In an interview, Gavin Wraith-Carter, managing director at Hitachi Capital Business Finance, said he thinks the research underscores a characteristic of small and medium-sized business owners: They are a resilient bunch. “As a provider of alternative finance to small and medium-sized enterprises, it is reassuring to have this positivity and to be able to see the bigger picture fully. As our customers grow, we grow with them and welcome the news that SME confidence is on the up. Whatever the weather, we will always be here to support them,” he said in the report.