The impact of Brexit on the internationalisation, innovation and turnover of UK SMEs: Implications for the UK’s industrial strategy and the ‘levelling up’ agenda

Using data from the Longitudinal Small Business Survey (LSBS), this report analyses the impact of Brexit on the internationalisation, innovation, and turnover of UK Small and Medium-sized Enterprises (SMEs). The multifaceted implications of Brexit, encapsulated in perceptions of business obstacles, investment hurdles, and expectations of turnover growth, are investigated. Additionally, the research examines the differential impacts of Brexit across industries and regions, enriching the understanding of the sectoral and geographical heterogeneity in Brexit’s consequences. The findings contribute significantly to debates surrounding Brexit’s aftermath, while providing new evidence of relevance for the UK’s industrial strategy and the ‘levelling up’ agenda. By shedding light on the complex realities of Brexit’s impact on SMEs, the study offers a foundation for future policy interventions aimed at supporting UK SMEs.