A recent study by the Association of Practising Accountants (APA) found that 53% of UK small businesses are primarily worried about uncertain trading conditions.
Despite UK’s small businesses being optimistic about recovering from COVID-19 disruptions, many are concerned about the economic uncertainty. 11% of owner-managers said they might lay-off some staff in the next six months.
Moreover, 24% reported a “negative or very negative” impact on business since Brexit and 15% say Brexit supply chain issues are a big challenge. However, 54% of businesses are positive about economic prospects outside of the EU in the long-term, but 46% are less enthusiastic about the same.
84% of businesses are either “confident or somewhat confident” about being able to access finance, in next six months. APA chairman Martin Muirhead notes, the government should focus “resources on those sectors where there is the greatest need.”
[2 minute read]