With 51 percent of UK SMEs ready to vote for a Brexit and 49 against it, Britain’s entrepreneurs are clearly divided over the forthcoming EU referendum on 23 June.
In a survey of over 1089 UK SMEs in a Brexit business poll on the Instant Offices website, we asked UK business owners to let us know what they thought of a possible Brexit and whether the move could be liberating or potentially catastrophic for the economy.
70 percent of the respondents surveyed were from smaller firms with up to 10 employees, while 12 percent represented firms with over 50 employees. After studying the results of the poll, which garnered more than 1000 responses within a matter of hours it became clear that the division among SMEs in some of the UKs largest cities is quite prominent.
Among the 58% of firms in London which voted to stay, anxiety over a Brexit seems to stem from the fact that the country risks becoming isolated if it exits the EU. In Bristol, 62 percent of businesses voted of stay for the same reason.
Conversely, 61 percent of respondents in Manchester and 63 percent in Birmingham said they’ll be voting for Britain to leave the EU, citing the fact that better border control would mean more employment opportunities for locals, and that SMEs would benefit from being free of perceived EU red tape and restrictions.
Tim Rodber, CEO of Instant Offices, says; “Across the country as a whole, we place hundreds of UK SMEs in office space each month and have yet to see demand curtail ahead of the Brexit. However, we can see that the country is divided by the potential Brexit, with different regional markets showing more concern than others. It seems that London firms are seeking to stay in the UK, but those in the large regional cities are considering leaving.”
Stay or Brexit?
When asked to elaborate on why they voted for Britain to exit or stay, respondents cited the following reasons.
Top reasons to leave the EU
- 27 % said SME’s would benefit from being free of the EUs perceived red tape
- 27% said Britain would save money by not having to pay exorbitant EU membership fees
- 23% say better border control could result in more employment opportunities for British people
- 23% think it would be beneficial for Britain to negotiate a new trading model
Top reasons to stay in the EU
- 31% believe Britain risks being isolated and side-lined by leaving the EU
- 26% say businesses benefit from free movement of money, people and products around the EU
- 24% stated that leaving could put strain on UK businesses’ ability to remain competitive
- 20% of respondents are concerned about the millions of jobs at stake
UK Cities Divided Over Brexit