Brexit fails to dampen UK's entrepreneurial spirit

New data from MoneySuperMarket reveals a boost in small businesses entrepreneurial spirit post-Brexit.

MoneySuperMarket today reveals that uncertainty around Brexit has failed to dampen the nation’s entrepreneurial spirit, with new data reporting an increase in small businesses since before the shock results of the poll last year.

The data, taken from the leading price comparison website’s Small Business Insurance channel, shows almost 3,000 more small businesses being registered for insurance from January to June 2017, compared to the same period a year ago.

The data also reveals the winners and losers of small businesses post-Brexit:

  • The service and repair sector saw the biggest increase, thanks to the nation’s fascination with up-cycling, with 81 per cent more businesses registering this year. In particular, furniture repair businesses have increased by a huge 60 per cent as the appetite for reusing old pieces continues to grow
  • Contrary to popular narrative around the ‘death of the high street’, high street businesses have also climbed in number since pre-Brexit (five per cent)
  • Publishing has seen a sharp 40 per cent decline since 2016, potentially due to the continued rise of self-publishing
  • The IT sector saw an 18 per cent jump this year, as the trend for outsourcing this service continues
  • Leisure & tourism and eating & drinking sectors have increased by a more modest eight per cent and five per cent respectively
  • The creative industry hasn’t fared so well, with small businesses in the art, fashion, photography & film sectors decreasing by four per cent, and marketing, advertising & design dropping by five per cent

Rose Howarth, head of small business insurance at MoneySuperMarket, says, ‘It’s very encouraging to see that the uncertainty surrounding Brexit has not deterred the nation’s entrepreneurs. Whatever the current economic climate, we are here to ensure small business owners are protected; our Small Business Insurance channel has a wealth of advice on how to safeguard yourself and your business – starting with making sure you have the right cover.’