FINANCE
But the more substantial hurdles still lie ahead. With 45% of East Midlands mid-market leaders saying that single market access is ‘critical’, leaders believe that failing to reach a deal with the EU would cause significant damage to their business. And whatever the outcome, businesses are preparing for tough times
ahead: 48% expect the administrative burden of regulatory or legislative change to cost their business significant time and money. There are also fears of increased talent shortages, as 42% of company leaders believe the UK’s departure from the EU poses a serious threat to recruitment. Steve Allen, Head of Birmingham office at Mills & Reeve, said:
“Although Britain has not yet made its exit from the EU, mid-market businesses have been feeling the effects of Brexit since the referendum results were announced. Our research shows, however, that business leaders are finding ways to meet the challenge. “Despite current uncertainties surrounding Brexit, it’s encouraging to see
leaders remaining buoyant and setting their sights high for the future. This confident but flexible approach will help mid-market businesses keep their position as the driving force of the British economy.” Tom Pickthorn, Head of International at Mills & Reeve, said: “The fact
that so many mid-market businesses are keen to increase their investments in exports beyond the EU in response to Brexit is very encouraging. Future economic growth will be driven by emerging market economies rather than European countries, so businesses willing to look further afield can expect to be rewarded for their efforts. “Although Brexit is presenting challenges, it may also be prompting an important expansion of horizons. This is good news for the mid-market, and good news for the UK as a whole.”
Consumers still prefer shopping on high street
Over half (51%) of consumers now describe themselves as ‘cost- conscious’ buyers according to a survey by leading audit, tax and consulting firm RSM, yet two thirds (63%) of consumers still prioritise the high street over online retail. The survey of more than 2,000 adult consumers across the UK revealed
that, with the exception of technology and travel and tourism, shoppers prefer to buy products such as clothes, shoes, homeware and beauty in- store rather than online. Neil Stephenson (pictured), who heads RSM’s retail
team in the Central region, said: “While cost- consciousness presents a growing theme as the economic squeeze continues, our findings illustrate encouraging signs for retailers in 2018, particularly those with a high street presence. “Despite the irrepressible rise of online retail,
Economic growth is being driven by emerging markets, such as China, rather than European countries
demand for the high street remains extremely resilient, as our findings suggest. We predict that an engaging store presence on a high street that presents the right mix is going to continue to drive sales both in store and online.”
business network March 2018 65
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