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Friday June 30, 2017
It has been over a year since the UK made the decision to leave the EU and forge its own independent identity. The surprise result of the referendum on 23 June 2016 subsequently set in a motion a range of further political and economic twists, including: the appointment of Theresa May as Prime Minister; interest rates being cut to an all-time low; a snap General Election resulting in a hung parliament; and Brexit negotiations officially commencing.
Since the Brexit vote 12 months ago, the UK economy has proven resilient, brushing off initial speculation of stagnating growth. The World Bank recently upgraded its growth forecasts for the UK economy to 1.7% – an increase of 0.5% from January’s projection. This positive forecast can in no small part be attributed to the performance of Britain’s SMEs, responsible for 60% of all private sector employment and producing a combined annual turnover of £1.8 trillion.
Championing the vital role of British SMEs in propelling the economy forward, Asset Match recently released a new body of research dissecting the three pillars of society that will collectively define the success of Brexit in relation to the UK private sector – consumers, investors and entrepreneurs. The first report uncovered the sentiments of consumers towards UK scale-ups, revealing a community of Brits confident in the opportunities Brexit will offer SMEs.
Over the coming weeks, Asset Match will be launching the second edition in its Brexit series. In light of the announcement this week that a partnership between Theresa May's Conservative Party and Northern Ireland's DUP would be responsible for overseeing the Brexit process, the report will uncover the sentiments of investors towards the new-look Government. Furthermore, our research will reveal how investors think Brexit will impact the long-term scalability of businesses across the country.
Click here to download the first report in the series – ‘What does Brexit mean for UK scale-ups? Consumer edition’