British entrepreneurs bullish about Brexit
Coutts research reveals that entrepreneurs are confident about the UK economy and international trade despite Brexit and the trade war.
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In a new survey conducted by the bank, two thirds of entrepreneur clients interviewed said they were optimistic about the UK continuing to be a favourable environment for business. And more than 60% said they were positive about the UK economy’s future.
Onwards and upwards
With a reputation for being resilient and tenacious, it’s perhaps little surprise that UK entrepreneurs have kept their spirits up. However, amidst three years of political wrangling and uncertainty in the country, the full extent of their optimism is striking.
Only a third of those surveyed felt less comfortable being successful in the UK due to the current political climate, and a mere 36% were worried about exports to and from Europe.
Respondents didn’t seem too concerned about the trade war between the US and China either – just a third of them marked international trade relations as their biggest worry, and over half of them were still looking at international expansion in the coming year.
Succeeding through Brexit and beyond
The full research will be published in late October as part of the annual Coutts ‘Entrepreneurs Month’, when Britain’s leading business chiefs will gather for a series of special events to discuss their visions for the future.
Coutts CEO Peter Flavel says the research reflects a confident, ‘can-do’ attitude that’s prevalent among the bank’s entrepreneur clients.
“The results very much chime with what we hear from our entrepreneur clients day-to-day, although the strength of their positivity might take some by surprise,” he says.
“Entrepreneurs have absolute faith in their ability to succeed no matter what happens, and with Brexit it appears to be no different. They just want to get on with building their businesses. They’ve had challenges in the past and successfully dealt with them. This is a set of new challenges for sure but they’re saying they’re set up for dealing with them too.”
Socially aware and talent hungry
Other key findings of the research include:
- 75% thought that businesses should play a larger role in tackling society’s biggest challenges
- almost 70% had started operating in new markets, or explored doing so, over the past 12 months
- 62% thought their industry was ripe for disruption
- access to talent was the biggest concern for the near-future among the entrepreneurs who took part – 36% – with access to capital coming second at 28%
Peter adds, “Entrepreneurs have what it takes to ‘prosper through change’, which is the umbrella title for our activity in October. As the great disruptors, they are constantly looking at how to make their industries better, easier, more efficient. We’re very proud to stand next to the UK’s brightest businessmen and women, bringing them the capital and connections they need to supercharge their efforts.
“We aim to be the best private bank for entrepreneurs in Britain.”
Coutts can support British businesses with a clear competitive advantage and high-calibre management teams by introducing them to an elite group of sophisticated investors. If you’re an entrepreneur or founder interested in raising more than £2 million you can submit an application here. Eligibility criteria apply.
Alternatively, you can ask your private banker or wealth manager for more information and learn how Coutts can help entrepreneurs here.
Coutts conducted the research among a select group of 260 entrepreneur clients aged from their 30s to their 60s. Their businesses ranged in size from less than 50 to more than 250 employees, and represent numerous sectors including advertising, manufacturing and recruitment.
British entrepreneurs remain confident about the prospects for Britain and their own businesses despite Brexit, according to research conducted by Coutts.
They also think businesses should play a larger role tackling society’s biggest challenges.
Coutts can provide the kind of capital and connections that could help entrepreneurs disrupt their industries and achieve their goals.