"The UK government may be celebrating favourable tariffs with the USA and new trade deals with countries outside the EU, but the vast majority of UK small businesses are now focused on the domestic British market to secure growth over the next 12-months, according to new research from Novuna Business Finance. The nationally representative survey of 1,000 UK small businesses asked business owners which, if any, countries offered them potential for trade and business growth over the next year."
"Tracking the annual results over the last eight years, since 2017. The percentage of UK small businesses looking to open up new markets and growth opportunities within the UK has risen sharply from 64% in 2017 to a record high of 84% this year. The sectors where small businesses say they are most reliant on the UK market to secure future growth were agriculture (97%), construction (96%) and hospitality (87%)."
"Interest in expanding into the USA, stable for five years at 16% has fallen back to 12% this year - an eight year low, and well below its 22% peak at the start of 2020. The EU was for many years a significant growth market for UK small businesses - but this has also fallen significantly from 24% in 2017 to just 17% this year."
A nationally representative survey of 1,000 UK small businesses tracked results since 2017. The share seeking new markets within the UK rose from 64% in 2017 to 84% this year. Agriculture (97%), construction (96%) and hospitality (87%) showed the highest reliance on the UK market for future growth. Interest in expanding into the USA fell from a five-year 16% to 12% this year, an eight-year low versus a 22% peak at the start of 2020. EU interest declined from 24% in 2017 to 17% this year, with manufacturing an exception at 24%. Interest in non-EU European countries halved from 12% to 6%. No overseas country saw a rise in expansion interest. Regions most reliant on the domestic market included Yorkshire and Humberside and the West Midlands (92%), the North East (86%) and London the lowest (77%).
Read at London Business News | Londonlovesbusiness.com
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