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Small and medium businesses in the IT and communications sector are amongst the biggest and best savers, according to a new study.
The research, which comes from Hampshire Trust Bank, found that SMB IT & Telco companies placed second when it came to the amount of money held in business savings accounts, with the average balance standing at £804,000.
The only sector to hoard more cash was – perhaps unsurprisingly - accountancy, where firms were holding an average of just over £1 million in savings.
While accountancy and IT and communications businesses had the largest savings pots, charities and were the most active savers – investing 77% of total funds in business savings.
The research also suggested that almost half (45%) of businesses within the IT & telecoms sectors were building cash buffers, following the outcome of the EU Referendum; higher than the national average of 38%.
Stuart Hulme, director of savings at Hampshire Trust Bank, said: “Our study demonstrates the sector differences when it comes to the amounts businesses and organisations are holding in current and savings accounts.”
Gartner predicts that Britain's vote to exit the European Union will depress global IT spending this year by as much as 5%.
Canalys believes that spending be hit harder, predicting declines of up to 10%.
“The outlook for 2017 could be even worse, with up to a 15% decline as IT budgets are set lower on the prediction of a tough year ahead and ongoing uncertainty,” said Matthew Ball, principal analyst at Canalys.