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Micro-businesses fear slump after Brexit

13 June 2018

Micro-businesses fear slump after BrexitMost micro-business owners in the UK think that Brexit would be damaging for the economy, according to the results of a new survey.

The poll of more than 500 micro-business owners and freelancers carried out by cloud accounting software company FreeAgent found that 66% of respondents said they believed Brexit would have a negative impact on the economy; 13% said they thought it would have a positive impact; just 8% said it would have no effect.

In addition, only 7% said that they believed Brexit would have a positive impact on their own businesses; 38% said they thought leaving the EU would have negative consequences and 40% said it would have no impact.

The findings also show that 60% of respondents said they would be in favour of a second Brexit referendum, compared to just 26% who said they would oppose such a move.

Ed Molyneux, ceo and co-founder of FreeAgent, said: "The economic impact of major changes like Brexit tend to be only measured in terms of how they will affect large corporations and SMEs. But there are also millions of smaller enterprises and freelance businesses that will be impacted when the UK leaves the European Union.

"Our research actually paints a pretty stark picture about how these business owners currently view Brexit. Far from being optimistic, the majority are actually fearful that leaving the EU will have dire consequences for the economy - and many believe that Brexit will also be bad for their own businesses."

Those polled represent the 5.2 million businesses in the UK with fewer than ten employees - around 95% of the UK's total number of businesses.

"There is clearly a significant section of the economy that is feeling anxious about the post-Brexit future," added Molyneux. "I hope that the Government keeps the concerns of these micro-business owners front of mind and makes sure that they are fully informed throughout the whole of the Brexit process."

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