Call us today

Currency concerning SMEs in 2018, suggests poll

Get in touch today - call Kent on 01634 570 390 or Surrey on 01737 370 493

Book a FREE consultation

If you would like to get some impartial advice, simply book a free consultation and we'll get in touch with you as soon as we can.

Currency concerning SMEs in 2018, suggests poll

Currency volatility will be the biggest talking point of 2018 as firms settle into the new year, a survey has found.

Bibby Financial Services (BFS), which published the poll, found that exchange rate concerns affect more than two-thirds of UK SMEs.

Around 67 per cent of businesses said they have been “adversely affected” by currency volatility in the past 12 months, owing to a loss in revenue of around £70,000 each.

It’s led to around 78 per cent of SMEs reviewing their foreign exchange arrangements to protect themselves against future volatility. Some businesses will also have the option of “locking in” to a guaranteed exchange rate.

Sterling has lost around 10 per cent in value against the dollar and around 13 per cent against the euro since June’s Brexit vote.

Logistics, duty, and VAT are among the other issues most concerning SMEs once Britain leaves the European Union in 2019.

Michael McGowan, managing director for Foreign Exchange at BFS, said: “By far the greatest challenge facing SMEs importing and exporting is currency volatility, sparked by the EU referendum and ongoing Brexit negotiations.

“While there is a common perception that a weaker pound benefits exporters, our findings challenge this binary narrative. Importing and exporting are not mutually exclusive and more than a quarter of SMEs that import sell finished goods or component parts overseas.

“As such, often importers and exporters are equally exposed to currency volatility and wider economic uncertainty.”


Urgent COVID-19 Notice
Working From Home

Our first priority is the health and well-being of our team and our community. Therefore, with a heavy heart we have made the decision to temporarily work from home with immediate effect.

We are listening to the government’s daily updates, taking each day as it comes, and will reopen our offices as soon as it is safe to do so.

If you have any questions or need to discuss any issues at all please do email or call us on our usual number 01634 570 390.

The general email is

We hope everyone is keeping well and staying safe.

This website uses cookies to enhance your browsing experience... moregot it