News & Insight

Small businesses just voted Remain

Oliver Jones

New survey suggests most SMEs would vote against Brexit if the referendum were run again

A new Funding Circle survey suggests that most SMEs would now vote against Brexit, if the referendum were to be run again.

Of the 956 small businesses surveyed, 56% voted Remain, with just 32% voting Leave – the rest were undecided or declined to state a preference.

The survey, which has run yearly since the referendum result, shows a 7% swing towards the Remain camp since April last year. 56% of businesses also stated that they would want a public vote on the final terms of the Brexit deal.

A separate Funding Circle poll also found that Brexit is now the number one concern for investors looking to invest in a business, ahead of typical concerns like new technologies or consumer lifestyle trends.

Less worried about Brexit overall

Though Brexit is becoming less popular among small business owners, they’ve also become markedly less worried about Brexit than they were this time last year.

Just 11% labelled themselves as “concerned” over the potential impact of Brexit, and 50% insisted that the terms of the Brexit deal would not force a change of strategy over the next 12 months – that’s compared to 28% in 2017.

Bad, but not a disaster

As businesses have grown gradually better informed and better prepared for Brexit, there’s been both a small shift towards the Remain camp, and less panic overall.

CBI studies show that businesses have specifically diverted resources to deal with Brexit, with time spent preparing for a “no deal” scenario, either by setting up alternative supply chains or by preparing to relocate.

You can read the full results of the survey here.