BCC & Moneycorp Survey highlights the impact of both Covid-19 and Brexit on UK businesses
The British Chambers of Commerce, in partnership with moneycorp, surveyed more than 1,000 UK firms to understand the impact of both Covid-19 and Brexit on UK businesses. As Europe still comes to terms with a new post-Brexit landscape, many businesses are now evaluating what the new processes will mean for trade between the UK and the continent.
In the South of England, the survey had 313 respondents, of which a relatively low 29% of businesses have plans for international growth outside of the EU over the next twelve months.
Overall, the report established that more UK firms will be accessing finance in the immediate future, likely due to the impact of lockdown. We found that while the government provided a wave of financial support in the form of business rates, VAT relief and the furlough scheme, around 20% of UK firms we spoke to are still anticipating a reliance on this support in the next 12 months. In the South of England, 35% of businesses said that they do not have plans to access financial support over the next twelve months, while 28% revealed that they are either currently using the government’s Bounce Back Loan Scheme, or planning to do so.