Small business Brexit preparations on the rise

Almost half of Scottish SMEs now believe they are ready to deal with the impact of Brexit, according to the findings of a survey published today.

Steve Jude, chief executive of Citibase, said Scottish SMEs remained resilient. Picture: Contributed

However, although 47 per cent of firms reported they were “substantially prepared”, most said they would opt to restore the relationship between the UK and the EU to its state before the referendum took place, according to the latest business confidence report from business centre operator Citibase.

The survey also shows that financially, 57 per cent of Scottish SMEs have seen revenues rise or stay the same since the referendum, slightly up from 52 per cent last quarter, showing that business activity continues to hold up well despite the uncertainty.

Although 31 per cent of businesses said they have found it harder to attract investment or raise funding since the vote, the figure was down 4 per cent from last quarter.

Only 16 per cent of Scottish SMEs think the UK government has provided enough support throughout the uncertainty and only 14 per cent think Theresa May negotiated a good deal with 59 per cent also believing the latest extension will not result in a better deal.

Steve Jude, chief executive of Citibase, said: “This quarter’s results show that despite Brexit uncertainty, there remains a real sense of resilience amongst the Scottish SME community. However their confidence in the UK government is at a low point.”

Nicola Sturgeon remains the top pick for PM amongst Scottish SMEs at 24 per cent, up from 21 per cent last quarter. Jeremy Corbyn came in a close second at 22 per cent.