Only a quarter of UK SME owners feel they have a clear and concise understanding of what Article 50 means for their business, according the Close Brothers Business Barometer.
The barometer – which is a quarterly survey – gauges the views of over 900 UK SME owners and senior management across a range of sectors and regions.
Neil Davies, CEO of Close Brothers Asset Finance and Leasing (pictured above), said: “Among smaller companies (those with a turnover of less than £500,000) the lack of understanding is even more acute.
“In that category of respondents, the figure falls to only 19%, which is indicative of how little people really know about Article 50 and its potential impact.”
“In the absence of any certainty, business owners are left with no choice but to adopt a ‘wait and see’ approach.
“In common with a year ago when the Brexit outcome was announced, companies are getting on with their day-to-day activities and hoping for the best outcome.”
The barometer has also revealed that over half (52%) of businesses were “unsure” if the triggering of Article 50 would have any measurable effect on their business, while just over a fifth (21%) believed it would, with 27% saying it wouldn’t.
Two-fifths (40%) believed that the triggering of Article 50 would lead to the break-up of the UK.
SMEs were split when asked: “Do you think triggering Article 50 will bring more or less clarity to our relationship with the EU?”
In total, 49% answered “more”, with 51% saying “less”.
Neil added: “For many UK businesses, Europe is a key market, and will continue to be so regardless of the outcome of the Brexit negotiations.
“Triggering Article 50 on its own does not seem to have brought the clarity many were hoping for.”
Hampshire Trust Bank appoints new chairman
Hampshire Trust Bank has announced the appointment of Robert Sharpe as its new chairman, subject to regulatory approval...
Metro Bank confirms director of commercial real estate departure
Metro Bank has confirmed that its director of commercial real estate Andy Hallett has stepped down from his position...
Revolut introduces exclusive offers
Revolut has added a new feature to display exclusive offers from high street brands and start-ups on its mobile app...
Revolut set to offer cryptocurrencies
Revolut has announced that it is soon to release phase one of its cryptocurrency offering to its customers...
Redwood Bank moves into new head office
Redwood Bank has announced that it has moved into its new head office in Hertfordshire...
Paragon Group of Companies to become Paragon Banking Group
The Paragon Group of Companies has announced a strategic reorganisation, which it hopes will accelerate its transformation into a diversified specialist banking institution...
CivilisedBank appoints new CEO
CivilisedBank has appointed Philip Acton as its new CEO to lead the bank through its build phase towards launch in early 2018...
Are new banks attracting the older community?
New banks are not yet doing enough to target older customers, according to one mobile bank...
Fintech company to receive €30m from EIB
The European Investment Bank (EIB) will be providing Swedish fintech company iZettle with €30m in debt funding over the next three years..