International Finance

Pro-Brexit SMEs demonstrate more confidence than EU supporters

Brexit, SME, SME Growth Tracker, Mark Pragnell
SMEs from East and West Midlands in favour of Brexit are self-assured than the ones in support of Scotland and London siding the EU referendum

According to the ‘SME Growth Tracker’, small and medium sized firms (SMEs) that sided Brexit have shown more confidence and optimism than the ones in the EU referendum, reported the UK Telegraph.

The ones from East and West Midlands voted in favour of Brexit and reportedly exhibited more confidence than the SMEs in support of Scotland and London; and the two factions have shown varied economic outlook. However, the general confidence among companies didn’t take a positive turn. For four successive three-month period, SMEs accounted a negative outlook.

Mark Pragnell of Capital Economics with Scottish and London SMEs said: “Confidence does not appear to correlate with revenue growth expectations.”

SMEs reported a rise of 1% in their revenues and 0.3% increase in employment. For 2019, the target is to achieve 1.5% in revenue and 0.9% rise in jobs.

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