According to a new survey, close to one third of owners at UK small and medium-sized firms (SMEs) believe that the UK will seek to rejoin the EU in future. The study was undertaken by FreeAgent, which provides cloud-based accounting for freelancers, contractors and small business owners.
The research revealed that 47 per cent of younger owners aged 18-34 think that the UK will re-apply for EU membership in the future, compared to just 23 per cent of owners aged 55 or over. 35 per cent, however, said that they did not think the UK would ever apply to rejoin, while 16 per cent felt the UK would look to rejoin the EU’s Single Market and/or Customs Union.
As well as considering it more likely that the UK would re-apply, younger owners were also more likely to hope for the UK to rejoin the EU than older counterparts. 38 per cent of owners aged 18-34 said they hoped the UK would rejoin the EU, compared to 23 per cent among 35-54 year-olds and 22 per cent of those aged 55 and over.
There was also a clear gender divide among respondents, with 58 per cent of male respondents saying they did not think the UK would seek to rejoin the UK, compared to 44 per cent among female owners.
In spite of the challenges posed by Brexit and the COVID-19 pandemic, the survey also showed that 55 per cent of owners said they weren’t worried about their business’ future, with 67 per cent saying their business was currently stable. Faith in the stability of their business was highest among respondents aged 55 and over (76 per cent) and sole traders (72 per cent).
22 per cent of owners polled said their businesses were currently growing, with this figure doubling to 44 per cent among 18-24 year-old owners. 19 per cent, meanwhile, said that the pandemic had led to new opportunities.
Predictably, however, the impact of COVID-19 had also been negative for many owners. 46 per cent said they were concerned about their business’ future, with 62 per cent of those saying that COVID-19 had negatively affected their business. 57 per cent, meanwhile, said that they were concerned about the pandemic’s potential long-term effects.
