SME health soars to new post-referendum high

A new report reveals that confidence, revenue, employment and lending have all risen significantly among Britain’s small and medium-sized enterprises (SMEs) this year.
According to the latest SME Health Check Index from CYBG, which was published earlier this week, SME performance hit its highest since the European Union (EU) referendum in the first quarter (Q1) of 2018.
The tracker, which ranks businesses against eight key performance areas, found that today’s small businesses are ‘excelling’ in four areas.
It ranked SME confidence at 46, up 13 points on figures recorded in the final quarter (Q4) of 2017.
Meanwhile, SME revenue was up 12 points, at 43, SME lending rose by 31 points to sit at 56 and SME employment rose by five points to hit 71.
Overall, Q1’s health check ranked SME health at 47.4 – up 3.4 points on the previous quarter.
According to the report’s authors, SME health has hit its highest since Britain voted to leave the EU – but the index still remains “well below levels seen in past years.”
“While indicators such as lending, confidence and employment are on the up, net business creation is at the lowest rate since we began tracking it in 2014,” Gavin Opperman of CYBG said.
“Optimistically, I hope it sparks a serious debate about the access to talent our small firms need post-Brexit, plus how they can be incentivised to invest in skills and boost productivity,” he added.

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