Six months on from Brexit, almost two thirds (60%) of UK mid-sized businesses believe that Brexit has strengthened ‘Brand Britain’, according to new research from leading business and financial adviser Grant Thornton UK.
In a survey of 611 UK mid-sized businesses, Grant Thornton found that ‘Brand Britain’ is also considered to be an advantage to UK firms looking to venture into new international markets – 70% of those surveyed believe it is helpful when trading internationally, only 7% disagreed.
While Brexit posed “a level of uncertainty” to many businesses at the start of the year, most (62%) of the businesses surveyed believed that they were well prepared for the impacts felt from Brexit so far.
However, the research also identifies the four biggest impacts felt from Brexit in the mid-market over the past six months as:
- Trade compliance issues (44%)
- Setting up new overseas operations (40%)
- VAT compliance issues (35%)
- Immigration and people mobility challenges (34%)
Andrew Howie, Head of International, Grant Thornton UK LLP, said: “The last year has presented huge uncertainty for businesses of all sizes, with Brexit and the pandemic creating an ever-changing operating environment which has been extremely difficult to navigate.
“But mid-sized businesses have proven their resilience and it is clear from our research that, despite the challenges posed, many are currently feeling more positive about the impacts of Brexit than first feared.”
He added: “But there are still further changes and milestones to come from Brexit. Careful management will continue to be needed by businesses throughout the coming months to avoid further disruption to their operations; particularly once the level of international travel increases and the current grace periods come to an end.”