As a bank focused on supporting UK SMEs, we commissioned our annual UK SME Savings Tracker survey to take a snapshot of the business savings landscape.
This research helps us to understand more about savings trends on a national, regional and sector level and provides us with insight on how we might better be able to assist our SME customers.
Last year the research showed that business savings had suffered following the Brexit vote. Since then, there has been a considerable shift in emphasis in how SMEs manage their finances. More money is now being stored in current accounts to fuel growth and reduce loans than in 2017 while balances in business saving accounts have shown a minor fall. But overall balances have been on the increase as cash has become king.
Brexit is and will continue to have an impact on the propensity to lock money away amongst UK SMEs and there is also a shift to looking after internal talent as any gains made on savings would be used to train staff and increase salaries.