Small firms expect more foreign business post Brexit

Almost half of small and medium-sized enterprises (SMEs) expect to do more business overseas in the next year, whereas just one in 10 of those polled expect their revenue to fall.

According to the research, 47 per cent of SMEs expect their overseas turnover from exports to rise in the coming year. Firms with 50 to 250 employees were most confident about overseas revenue over the next 12 months, with 61 per cent predicting an increase, and 14 per cent believing export turnover would soar by more than 50 per cent.

However, among firms with 10-49 employees and micro-businesses with fewer than 10 workers, the figures were lower, with the percentage of businesses forecasting increased export revenue falling to 34 per cent and 33 per cent respectively.

This optimistic sentiment come as figures released recently by HM Revenue & Customs (HMRC) show that the number of UK businesses exporting goods has risen by four per cent since last year.

According to HMRC’s June data, the value of exports from England is up by 6.5 per cent on last year, while Scottish, Welsh and Northern Irish exports values have increased by 12.1 per cent, 7.1 per cent and 4.9 per cent respectively.

As one of the report’s authors commented, exports from all UK countries are on the rise, so there is clearly a growing global demand for UK goods and services, which any aspiring entrepreneur should use to reach across borders and enter new markets.

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