22 April 2025

HSBC UK survey reveals challenges and opportunities of global trade disruption

Two-thirds of UK businesses say they will be impacted by changes to tariffs, according to HSBC UK research.

With the world’s attention on potential disruption to global trade, the bank surveyed 2,000 UK firms ranging from small businesses to large corporates.
And while a total of 66% of respondents said they will face at least some impact, only 16% said the effect would be “considerable”.
Among businesses providing services and not physical products, this fell to 57% expecting some consequence from tariffs and 10% anticipating considerable effects.
Meanwhile 23% of all companies said the tariff changes would have no impact – rising to 36% of businesses operating only within the UK and 32% of those providing services alone.

Stephanie Betant, Head of Global Trade Solutions at HSBC UK, said:
“While UK businesses broadly acknowledge that tariffs will have some impact, relatively few anticipate severe disruption.
“This underscores the structural advantage of an economy where services — a sector less exposed to tariff-related pressures — play a dominant role. Tariff measures have largely targeted goods, leaving much of the services sector comparatively insulated.
“The survey highlights the underlying resilience of British firms. In a climate defined by uncertainty, the ability to adapt swiftly and manage change will remain essential for maintaining competitiveness and stability.”

HSBC UK also asked respondents how recent uncertainty around international trade had impacted their future business plans. More than two-fifths (42%) said their plans had not been impacted, rising to 59% of businesses operating only within the UK and 52% of those providing services rather than products.
The most common change to business plans was a delay in making investment decisions, which slightly more than a fifth (21%) of businesses said they had done. Other changes reported by survey respondents highlighted potential opportunities following the recent uncertainty. Some businesses have: reconfigured supply chains (14%); diversified product or service offerings (13%); and expanded into new markets (12%).

Stephanie Betant, added:
“Most businesses have made some kind of change in response to recent uncertainty.
“While for some this has meant pausing decisions on investments, others have proactively sought out new opportunities, whether that is by diversifying their offering or expanding into new countries.
“We know from speaking to our clients that businesses have been scenario planning for some time, adapting their strategies in different ways, from reshaping their supply chains to investing in new production facilities.”

HSBC UK also asked businesses which only operate in the UK, but who are considering trading internationally, what would help them to expand across borders. The most popular answer was additional policy support, including free trade agreements (38%).
Others included: networks of internationally trading businesses (37%); accommodating regulations (37%); greater access to finance (33%); products and services which mitigate risks involved with trading internationally (31%); and policy specific to their sector (27%).

Media enquiries to:

Robert Cox, Media Relations, HSBC UK, robert.cox@hsbc.com


Notes to Editors:

All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2001 senior decision makers, excluding sole traders. Fieldwork was undertaken between 31st March - 14th April 2025. The survey was carried out online. The figures have been weighted and are representative of British business size and region.

HSBC UK

HSBC UK serves over 15 million active customers across the UK, supported by 23,900 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates. HSBC UK is a ring-fenced bank and wholly-owned subsidiary of HSBC Holdings plc.

vHSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 58 countries and territories. With assets of US$3,017bn at 31 December 2024, HSBC is one of the world’s largest banking and financial services organisations.

You are leaving
about.hsbc.co.uk

Please be aware that the external site policies, or those of another HSBC group website, may differ from this website's terms and conditions and privacy policy. The next website will open in a new browser window or tab.

Note: HSBC is not responsible for any content on third party sites, nor does a link suggest endorsement of those sites and/or their content.