Research from Hitachi Capital Finance suggests in the face of political and economic uncertainty, British SMEs are remaining resilient through testing times.

Research shows for the sixth consecutive quarter confidence levels have varied by 1% with the number of businesses striving for growth (36%) outweighs those that are contracting (16%).

Despite market uncertainty throughout a prolonged Brexit crisis the research shows small businesses are remaining optimistic with (47%) seeing business as usual.

Though business confidence nationally has remained stable, it varies depending on sector.

Business that saw growth last quarter, like those in the legal, IT and Telecoms sector fell back this quarter with the legal sector falling by 14% and Telecoms by 5%.

Small businesses in the Agriculture and Transport/Distribution sectors however have much lower net confidence levels this quarter than any other sector at 25% and 29%.

Over two in five businesses in London are confidence of growth in the next three months and a further 11% are confident of significant growth.

Research shows businesses in Scotland appear to be suffering the most with 11% saying they are going to struggle to survive until Christmas.

Over one in two (54%) of businesses in the East of England are more likely to view business as usual as an achievable goal for the next three months compared to businesses in London (40%) and the South West (41%).

Gavin Wraith-Carter, Managing Director at Hitachi Capital Business Finance said: “As the Brexit countdown to January 31st 2020 starts again, the research suggests that small businesses are frustrated watching a continuous game of political table tennis and have quite rightly decided to focus on the things that are within their control.

“Whilst the Government are putting a freeze on preparing for Brexit – our small businesses don’t have the luxury. Whilst many are citing market uncertainty as a barrier to growth, they are nonetheless planning ahead with cautious optimism and this is important given, for many sectors, the Christmas period is a critical period for sales and growth.”