WorldFirst, a Fintech payment platform, is out with a report on UK SMEs. Their ninth quarterly Global Trade Barometer is putting a positive spin on the UK economy as smaller firms position themselves for the post Brexit reality.
WorldFirst says more payments are beginning to flow outside of the European Union. According to their research of more than 1,000 small and medium sized businesses, one in four SMEs is looking to export to a new country in the next quarter. Up slightly on Q1 2017, the figures are said to demonstrate how UK businesses have started to come to terms with the ongoing Brexit uncertainty and develop new trading partners beyond the EU.
Additionally, almost half of UK SMEs (46%) are looking for further support to encourage them to trade internationally, with one in six calling for more government assistance – a call that appears to have been heard as the government has been rolling out new programs to encourage trade. The survey also found that 30% of small businesses are now positive about their prospects for international growth, a recovery of 5% from Q4 2017 when confidence was at an all-time low.