Brexit support growing among Scottish businesses

The Business Growth Fund (BGF), which is backed by major banks and was established to provide growth capital to ambitious and growing small and medium enterprises around the UK, said 61 per cent of respondents to its poll said they agreed businesses are better off inside the EU than out of it.

However, this compared with 82 per cent in June last year as uncertainty continues to influence the economy north and south of the border in the run-up to the inout referendum on June 23.

BGF said 67 per cent of Scottish business leaders expected another independence referendum in the event that the UK leaves the EU.

In other findings from the BGF Growth Climate Index survey of “more than 320 talent network members”, just 18 per cent of Scottish business leaders expected conditions for growth to improve over the next quarter – down from 46 per cent in November 2015.

And despite concerns about macro-economic conditions and instability in overseas markets, 61 per cent were focused on growth.

BGF said 64 per cent of Scottish respondents believed the UK’s membership of the EU gave British firms invaluable access to European markets, while 55 per cent were concerned that an EU exit risked stifling business growth.

Looking ahead to the potential implications of a vote to leave the EU, 55 per cent said a Brexit would prompt multinational companies to relocate operations overseas.

And one-third (33 per cent) believed an EU exit would result in the UK suffering a skills shortage.

Reflecting current frustrations with the EU, 64 per cent of Scottish business leaders said UK membership of the bloc saddled British firms with unnecessary and problematic regulation.

BGF investment director Mike Sibson 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.

“While the poll shows an uptick in support for Brexit among the Scottish business community, the majority remain in favour of staying in the EU,” added Mr Sibson. “It’s also clear that, despite uncertainty prompted by the vote and economic instability overseas, Scottish businesses r emain committed to growth.

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