Rising business costs cause headache for SMEs

The business risk identified by the highest number of firms in Yorkshire (34 per cent) is increasing market competition, while almost a third (32 per cent) said rising business costs and cash flow are their top risks in 2017. These concerns have been highlighted in the Future Impacts report from commercial insurer RSA, which examines SME attitudes towards economic events, such as Brexit, on business growth.

The report also found that almost a quarter (24 per cent) of businesses in Yorkshire see economic uncertainty as a risk to their business, while over half (55 per cent) said the Government is not doing enough to help businesses grow.

Russell White, schemes and deals director, regions and SME, Commercial Risk Solutions at RSA, said: “SMEs in Yorkshire are facing considerable uncertainty going into 2017.

“The Brexit decision has already had an effect on the UK economy with rising import costs and inflation becoming a growing concern.”