Despite the looming challenges facing business, particularly in terms of exposure to international opportunities, the UK’s small, medium and micro enterprises (SMMEs) seem to be resilient.
Business owners’ perception of risk facing their own business has fallen by 15 per cent compared with the last financial quarter. However, rising prices in the wake of the Brexit vote have put the tightest squeeze on household incomes for more than five years, according to recent figures from the Office for National Statistics (ONS). With less disposable income, there will be knock-on effects on overall spending, meaning that small businesses are going to have to work even harder to market themselves effectively.
There’s been a mixed bag for businesses in commercial real estate and construction this week. Construction growth in the UK slowed in June, falling despite the pound gaining momentum recently. At the same time, however, one in three commercial real estate investors have said that the UK remains the preferred region to invest in, according to a recent survey. Significantly, the same survey showed that, despite Brexit, French, German and US investors are more favourable towards the prospect of investing in the UK than they were a year ago. This suggests that new opportunities could be created for SMMEs in construction as more projects are commissioned in the coming months.
London’s reputation as Europe’s top hub for technology development has been buoyant against market uncertainties, as record levels of investment were made in the first half of this year. According to figures from London & Partners, the Mayor of London’s promotional company, private equity investment in the capital’s tech sector totalled an impressive £4.5 billion, and at the same time, venture capital invested £1.1 billion in London’s tech firms. This is more than the amount of investment attracted by any other European city, and during this time over 544 deals were made in the city.
This is particularly good news for SMMEs in the tech and marketing sectors, as more and more opportunities for growth are created. Read our latest blog post for advice on making the most of the opportunities on offer.
If you have any questions or would like further information about the range of support on offer in the Building Legacies Programme, please contact Danny Hackett on firstname.lastname@example.org or call the office on 020 7537 6480.