Saturday, June 6, 2020

‘No deal’ Brexit would drive up revenues, say Midlands SMEs

More than half of middle market firms in the Midlands and East Anglia think that leaving the EU without a deal would have a positive effect on their revenues, according to a new survey by audit, tax and consulting firm RSM.

52% of the region’s mid-market business leaders surveyed said they thought exiting the EU without a deal would benefit future turnover. Of this, 7% felt it would be advantageous and 45% said it would be favourable.

Just 19% of respondents thought a ‘no deal’ outcome would harm revenues, while 1% said it would be catastrophic. 21% felt that leaving without a deal would have no effect on turnover.

The quarterly Brexit Monitor survey, conducted by YouGov prior to the EU leaders meeting in Salzburg on 19/20 September 2018, found business leaders in the Midlands and East Anglia were the most optimistic about the impact of leaving without a deal compared with respondents in other regions.

In Yorkshire and the North East, just 20%said they thought a ‘no deal’ outcome would benefit turnover, while 38% said their revenues were likely to take a hit.

Nationally, just over a third said they expected a turnover boost in the event of a ‘no deal’ outcome.

Mark Taylor, RSM’s regional managing partner for the central region said: “We know that businesses across the region are getting increasingly concerned about the Government’s ability to deliver a good deal. However, in the event of a ‘no deal’ outcome, they are fairly bullish about their revenue prospects.

“One of the reasons for this surprisingly upbeat sentiment could come down to their view that come what may, they remain sufficiently agile to react in a way that adapts to the new environment. The current uncertainty is making it very difficult to plan. All eyes will now be on the EU summit on 18 October, when businesses will be hoping for some progress – and most importantly clarity –  on the way ahead.”

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