North West businesses demonstrate growing support for Brexit

The number of North West business leaders who believe remaining in Europe will be better for British companies is shrinking, according to data.

The latest Growth Climate Index carried out by SME lender Business Growth Fund (BGF) found that 50% believe British businesses are better off inside the EU, in comparison to 71% in June last year.

The study also found that 57% of the region’s business leaders believe EU membership gives British firms invaluable access to European markets. A further 46% think a Brexit would stifle business growth.

Just over a third of respondents (39%) said a vote to leave the EU would see multinational businesses shifting their operations overseas, while the majority (61%) believe the vote will lead to another bid for independence in Scotland.

Conversely, the survey highlighted frustration with the EU among North West firms. Over three quarters (79%) said membership presents British firms with regulatory issues. More than half (57%) said exiting the EU would not leave British companies companies facing a skills shortage.

The regional director for the North, Scotland and Northern Ireland with BGF, Andy Gregory, said: “The Growth Climate Index exclusively seeks the views of senior business leaders who are committed to supporting Britain’s most ambitious small and mid-sized businesses.

“The poll shows that opinion among the North West business community is increasingly divided when it comes to Britain’s membership of the EU.”

He continued: “It’s also clear that despite uncertainty prompted by the vote, and economic instability overseas, businesses remain committed to growth.

“In uncertain times it is crucial that these companies get the support they need to innovate, export, grow and prosper.”