FINANCE
Mid-market businesses across the East Midlands are bracing themselves for the impact of Brexit and looking beyond Europe to shore up their future success, according to research from national law firm Mills & Reeve, which has more than 500 lawyers and 900 staff across six UK offices. The study, Defying Gravity - based on the opinions of 500 leaders of medium-sized businesses in the UK – reveals that East Midlands’ mid- market businesses remain confident in their growth prospects. This is despite feeling the fallout of the vote already, with many overhauling their strategies in preparation for Britain’s EU exit.
Over half (60%) of mid-market business leaders plan to increase
investment in exports beyond the EU in response to Brexit. The research reveals that mid-market businesses are feeling bullish despite the unstable landscape, with 83% planning to increase turnover this financial year (2017/2018) by an average of 22%. However, mid-market businesses are facing some serious challenges, and many are already feeling the repercussions of the Brexit vote. More than half (58%) of East Midlands businesses report falling demand, and 45% have experienced increased issues with late payment following the referendum result in 2016.
Businesses should look to markets beyond the EU
Tom Pickthorn
R&D Tax Relief Experts
Do you make advancements in your field of work?
Are you creating new or improved products/processes?
Are you duplicating existing products or processes in an improved way? e.g. faster, cheaper, less waste etc.
Contact us – You are due a Tax Refund
MSC Associates E:
carla@mscassociates.co.uk
T: 01432 381054 M: 07738 698037 Skylon Court • Coldnose Road • Rotherwas • Hereford • HR2 6JL
W:
www.mscassociates.co.uk 64 business network March 2018
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