100 days since the General Election and mid-sized businesses are no clearer on their post-Brexit future, with almost two thirds reporting a drop in confidence about their own growth ambitions.
Research published today by accountancy and business advisory firm BDO LLP revealed 60% of the UK’s mid-sized businesses are less confident in achieving their growth ambitions following the unpredicted election result.
The research, which surveyed 400 mid-sized businesses across the UK, also found just 4% of these businesses are feeling more confident in the 100 days since the election.
Despite still dominating headlines and a raft of positioning papers this summer, 83% of British mid-sized businesses said no clearer picture of the future of the UK’s trading relationship with the EU is emerging. A further 58% named clarity on Brexit negotiations as the number one factor they’d like to see the new Government and policymakers focus on as the new political season begins with the Liberal Democrat conference this week.
Brexit wasn’t the only concern for these ambitious mid-sized firms – which BDO calls the UK economic engine – as over a quarter (26%) wants to see the new Government and policymakers focus on skills and productivity.
The UK’s mid-sized businesses – typically mid-market, AIM-listed or private equity-owned - account for one third of all private sector revenue (£1.2tn) and 45% of private sector employment. They created more jobs in the last year than small and large businesses combined.
Despite their contribution to the economy, these businesses are often overlooked and undervalued by Government and policymakers. BDO is calling for more action to help boost growth in the years ahead.
Paul Eagland, Managing Partner, BDO LLP, said:
“As party conference season begins, these businesses will be looking for answers not only on the future of the UK’s trading relationships, but also a response to the growing concerns on skills and productivity in a post-Brexit world.
“One thing we can be certain of now is that these dynamic businesses make a staggering contribution to our economy - they must be placed at the heart of Government plans and Brexit negotiations to help achieve their own growth ambitions and, in turn, continue to fuel our economy.”
Note to editors
Accountancy and business advisory firm BDO LLP provides integrated advice and solutions to help businesses navigate a changing world.
Our clients are Britain’s economic engine – ambitious, entrepreneurially-spirited and high growth businesses that fuel the economy.
We share our clients’ ambitions and their entrepreneurial mind-set. We have the right combination of global reach, integrity and expertise to help them succeed.
BDO LLP operates in 18 offices across the UK, employing 3,500 people offering tax, audit and assurance, and a range of advisory services. BDO LLP has revenues of £405m and is the UK member firm of the BDO International network.
BDO’s global network
The BDO global network provides business advisory services in 158 countries, with 68,000 people working out of 1,400 offices worldwide. It has revenues of $7.6bn.
BDO’s research is based on a survey of 399 UK high-growth mid-sized businesses.
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