A ‘No Deal’ Brexit would disproportionately hit small businesses in the United Kingdom, according to the Federation of Small Businesses (FSB). Nearly two-thirds of small businesses that export goods to the European Union Customs Union felt that trade would be affected if costs increased as a result of additional customs declarations, FSB’s research found.
Worryingly, over one in ten smaller firms said they would stop exporting to the EU altogether, according to an FSB press release.A 'No Deal' Brexit would disproportionately hit small businesses in the United Kingdom, according to the Federation of Small Businesses (FSB). Nearly two-thirds of small businesses that export goods to the European Union Customs Union felt that trade would be affected if costs increased as a result of additional customs declarations, FSB's research found.#
FSB national policy chairman Martin McTague has urged the UK Government to use the summer as an opportunity to intensify negotiations with the EU to deliver a pro-business business Brexit based on easy trade, access to talent and a transition period.
A transition period is vital for small businesses to ensure that they are only facing one set of changes that means business owners can continue to operate broadly as they do now until 31 December 2020.
Smaller businesses, which do not generally have the capacity or resources to make adequate contingency plans, don’t have enough time to prepare for a cliff edge Brexit, he said.
“The government must think carefully about the very real consequences of a disorderly Brexit and do everything in its power to avoid this scenario,” he added. (DS)
Fibre2Fashion News Desk – India
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