The UK government may be celebrating favourable tariffs with the USA and new trade deals with countries outside the EU, but the vast majority of UK small businesses are now focused on the domestic British market to secure growth over the next 12-months, according to new research from Novuna Business Finance.
The nationally representative survey of 1,000 UK small businesses asked business owners which, if any, countries offered them potential for trade and business growth over the next year.
Tracking the annual results over the last eight years, since 2017.
Interest in expanding into the USA, stable for five years at 16% has fallen back to 12% this year – an eight year low, and well below its 22% peak at the start of 2020.
Interest in doing business in European countries outside the EU has halved over the same time period – down from 12% to 6%.
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