Home Economy Private sector to benefit from Brexit, finds trading platform
Many believe our private sector will not be threatened by Brexit
New research from peer-to-peer share trading platform Asset Match has revealed that a huge number of UK adults are confident that the country’s private sector will benefit from Brexit. Moreover, this confidence is backed by a clear agenda among consumers to spend money with British businesses and brands over the next two years in what is an increasingly global context.
Asset Match commissioned an independent, nationally-representative survey among over 2,000 UK adults following the triggering of Article 50 on 29 March, uncovering resounding positivity that businesses stand to benefit from Brexit. The research found that 53% of respondents – equating to 27.21 million people across the country – think Brexit will open up new opportunities for UK companies to expand globally. The older generation (those aged over 55) were particularly optimistic, with 65% of this group stating that leaving the European Union (EU) would boost the nation’s businesses as they sought overseas expansion.
In line with the confidence UK adults have regarding the prospects of the private sector during Brexit negotiations and beyond, the study also uncovered a clear agenda among consumers to do their bit to support the country’s scaling companies. The survey found that 50% of UK adults (over 25 million people) plan to make a conscious effort to spend money with British businesses and brands during the two-year Brexit negotiation period that is now underway.
Almost half (46%) of the respondents said they are confident that the UK will emerge from Brexit in a stronger economic position, with a further 28% not predicting any notable change for better or worse. Furthermore, 25.16 million people (49% of all UK adults) believe entrepreneurs will be the champions of the UK’s post-Brexit economy.
The survey demonstrated a widely-held view among the UK public that the Government’s Brexit agenda is primarily focused at supporting the nation’s business landscape as a priority over surrounding factors. Over two-fifths (43%) of Brits said they believe businesses will benefit from Brexit more than any other group of society, with scaling businesses identified as being particularly well-positioned to gain from Britain’s departure from the EU; a third (34%) of respondents think that scaling businesses stand to benefit more than any other part of the UK’s private sector.
Stuart Lucas, Co-CEO of Asset Match, said: “When Britain voted in favour of leaving the EU, there was inevitable uncertainty around what this would mean for consumers and businesses. Nine months on and with Article 50 now triggered, it’s clear that there is a far greater sense of optimism and drive among the UK public in favour of the growth opportunities made available to the UK’s scaling businesses.
“The data has revealed that society deems last year’s referendum result as a Brexit for business, with the significant majority confident in the path Brexit will forge for private sector prosperity. During this vital time of transition, it will come as welcome news for any British company or brand that consumers are rallying behind them at a time where consumer support could not be more important.”