New research has found that more than half of small and medium-sized enterprises (SMEs) from all across the UK are expecting their business to grow over the next three years.
The news comes despite a backdrop of political uncertainty casting a shadow over the UK, in the wake of the recent General Election and Britain’s upcoming departure from the European Union (EU).
In comparison, only ten per cent of British businesses are expecting to downsize over that same period, insurance company DAS UK Group’s latest SME Market Barometer has revealed.
This suggests that the majority of UK SMEs are feeling confident ahead of Brexit now that negotiations are firmly underway.
However, the study also noted that SMEs appeared to have encountered an unusually high number of legal issues in recent months.
In fact, DAS UK Group’s study revealed that the average UK SME faced at least two legal issues in 2016 on average.
The top legal issues faced by businesses included late payments, tax and pension disputes and business contract disputes, the report found.
James Henderson, managing director of insurance at DAS UK Group, said: “It was interesting to note the level of business confidence amongst SMEs [in our study], despite the economic uncertainties surrounding Brexit and what any deal will look like.”
However, he voiced concerns that an increasing number of SMEs are facing legal challenges which may leave them out of their depth.