SME Confidence At Lowest Level Since Brexit, New Survey Shows

11th December 2017.

A new report has found confidence amongst SMEs is at its lowest level since the EU referendum in June 2016.

Clydesdale and Yorkshire Bank Group (CYBG) is calling on the Government to boost confidence among small and medium-sized businesses after a new report shows confidence is at its lowest level since the Brexit referendum.

The bank’s SME Health Check Index survey found that businesses in Yorkshire, and the Northern regions, experienced a fall of 15 per cent in the third quarter of the year compared to the previous quarter.

The report  is an important tool in helping understand how SMEs can be better supported. Across the UK, the SME Health Check Index fell to its lowest level since January 2014. Levels of employment, revenue, confidence and net business creation were had dropped when compared to the previous quarter.

CYBG is calling on the Government to make changes sooner rather than later and do more to help businesses manage their costs and restore SME confidence.

Graeme Sands, head of business banking at CYBG, admits the attention made to SMEs in last month’s Autumn Budget was “very welcome”, but insists “more needs to be done”.

“More needs to be accomplished in the short term to help boost SME confidence while we wait for the longer-term benefits of some of these policies to take effect”, he added.

Small and medium businesses are essential to the productivity and prosperity of the UK economy. There are 5.7 million SMEs, employing 16.1 million people and they account for 51 per cent of the UK’s total business revenue.

Sustained poor performance by SMEs could have a significant and long-term negative impact on the economy.

Earlier this year, CYBG committed to making a minimum of £6 billion of lending available from 2017 to 2019 to help fuel the growth of SME businesses in the UK.

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