Brexit failing to dent small business confidence

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Many small businesses in the UK are hopeful of increasing export activity after the country leaves the European Union.

While Brexit would spell an end to Britain's membership of the single market, half of small businesses polled by Oxford Economics still believe they are in a strong position to boost overseas exports, City A.M. reports.

This is because the government is looking to not only strike new deals with European Union members, but also forge stronger trading links with other non-EU nations further afield, such as China, India and the US.

Some 57 per cent of survey respondents said they expect to see revenues go up by four per cent in the first three years post-Brexit, while one in five are confident of achieving an annual growth rate of eight per cent.

American Express, which commissioned the study, has described the findings as "very encouraging".

Jose Carvalho, a senior vice president at the firm, commented: "Businesses are deftly navigating through challenges and this resilience is helping them to thrive."

The findings reflect the results of a recent survey by the Federation of Small Businesses, which revealed confidence is back up to the levels reported prior to the EU referendum in June.

This effectively wiped out the fall that took place in the run-up to the referendum and in the months immediately after the Brexit vote.