Risks and concerns facing OMBs

When asked about the economy at large, the strength of the UK economy tops the list of OMB concerns, followed closely by the outcome of Brexit negotiations and the strength of the global economy as a whole.

Fluctuation in exchange rates also lists highly on OMB concerns, with 48% of our survey respondents expressing concern about the impact that rising costs will have on their business.

From a business perspective, the shortage of skilled staff remains a top concern (consistent with responses from last year), along with increasing concern relating to the business tax environment. In particular, business owners have expressed concern around their ability to efficiently extract profits from their business, perhaps in light of the April 2016 increase to the dividend tax rate for additional rate tax payers.

New concerns have also arisen, with the threat of cyber-crime and data privacy making a notable appearance amongst the list of business concerns for OMBs. Our report finds that OMBs are increasingly aware of the reputational risks associated with a data breach, and are looking ahead to the upcoming deadline for compliance with the EU General Data Protection Regulation (GDPR).

To download our full report and gain further insights into the risks and concerns facing OMBs in 2017, please click here.

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* 64% of OMBs based in Scotland list a second Scottish independence referendum as a key economic concern in 2017.