With the UK’s departure from the European Union becoming official last week, a survey of senior business decision makers has found that 32% of SMEs are planning to increase technology spending by 10% in the next three months.
The survey was commissioned by Leonne International, a private equity firm focussed on the development of SMEs.
Key findings included:
- 28% of UK SMEs are expecting a revenue bounce in the first three months
- 37% are expecting the UK economy to grow substantially – 50% of business owners from the West Midlands felt this way, followed by 45% of North West of England and 42% of the North East
- 41% of surveyed business decision-makers believed a majority government to be good for their business growth, rising to 60% of those from the North East
When asked what the new Conservative government should be prioritising, 51% agreed the Government should offer more tax breaks to SMEs.
18% are planning to open a new office in 2020 and a further 32% are planning to increase technology spending.
Michael Haston, chief executive of Leonne International, said: “As we reach the final chapter of the Brexit saga, business decision-makers will be relieved to finally have some clarity about the future of our economy, industry and trade – therefore, we can expect 2020 to be a great year for many SMEs.”