Tech sector business owners full of confidence despite Brexit


Business owners in the technology sector are the most positive about Brexit, a new survey has shown.

A survey of 24 business sectors by accountancy firm Moore Stephens showed that business owners in the tech sector were the most upbeat, despite uncertainties around Brexit.

According to the survey, 68 per cent of owner managed tech businesses are confident about meeting their profit targets this year and 75 per cent have an optimistic outlook for the year, compared to an average of 60 per cent across all business sectors surveyed.

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Tech business owners also have an eye on overseas markets, with 50 per cent saying that they would look to expand beyond the UK this year.

Moore Stephens partner Mark Lamb said: “Despite Brexit, the rapid innovation in the UK’s technology sector continues to attract higher levels of investment in tech businesses.

“This means business owners in the tech sector are understandably optimistic.”

In contrast, business owners in the transport and logistics and the healthcare sector had the gloomiest outlook, with only a third and 26 per cent respectively saying that they are confident about hitting their profit targets.

The ongoing malaise on the High Street was reflected in poor confidence among retailers, with only 56 per cent saying they thought they would hit profit targets.

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Overall, business confidence among those surveyed has ticked up, with 60% saying they were confident of hitting profit targets compared to 57% last year.

Lamb said: “Despite the uncertainty following Brexit and its consequent potential impact on trade, many small businesses remain resilient and retain their optimism for the future.”

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