What do Swedish businesses think about Brexit impact?

What do Swedish businesses think about Brexit impact?
One thousand Swedish businesses responded to the survey. Photo: AP Photo/Frank Augstein
One in three Swedish companies with British business ties thinks Brexit will have a negative impact, according to a new survey.

The UK is one of Sweden's most important trade partners with goods and services worth around 140 billion kronor ($15.5 billion) exported to British customers in 2017 alone. Around 15 percent of respondents to the survey said they traded directly with Britain and the country makes up more than seven percent of Swedish imports and exports, wrote Swedish business industry organization Företagarna.

In June it sent out a survey to more than 3,000 business people across Sweden, quizzing them on small and growing businesses in a globalized world – including the potential impact of Brexit.

READ ALSO: How should Brits in Sweden prepare for Brexit?

Out of all the 1,000 who responded to the survey, 14 percent said they thought their business would be adversely affected by Brexit. A majority of 69 percent told the survey they did not think Brexit would have much of an effect on their business at all, but that included mainly companies not active on the global market. Only two percent predicted Brexit would have a positive impact.

Looking only at companies that trade internationally, 27 percent said Brexit would have a negative impact, and among those trading directly with Britain the same figure rose to more than a third.

“However, the uncertainty is significant and one in six companies has answered 'do not know or decline to say' which can be explained by the fact that negotiations are ongoing and the conditions for the UK's exit from the EU are, for the most part, largely unknown,” wrote Företagarna.

READ ALSO: Brits face long waits for Swedish citizenship

Among the potential adverse effects of Brexit, the top-three concerns were increased difficulties handling VAT when trading with Britain, custom duties and concern over the indirect long-term impact.

The Local wants to hear from our British readers: are you worried about Brexit, and if so, is there a particular question you would like the answer to? Fill out our Brexit survey here. Thanks for your help.

Member comments

Become a Member to leave a comment.Or login here.