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February 6, 2023
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Small businesses unprepared for chaotic no deal Brexit

Only one in seven (14%) business owners have starting planning for a no deal Brexit, in line with advantages . from your Federation of Small Businesses (FSB).

FSB’s latest studies have shown than a further 41% imagine that a no deal Brexit should have a direct impact with their business but haven’t yet started preparing for the likelihood. One in ten (10%) think a no deal Brexit will have a positive effect on their capability to have an account.

It reveals that almost half of small businesses (48%) believe a no deal Brexit will have a negative affect the incredible to work. This figure rises sharply to 66 per cent for all small companies which have business dealings with the EU and also to 61 per cent for people who employ a member of staff with the EU.

The research also exposed the actions those small firms, who are afflicted with Brexit, wish to take between now and the time united kingdom leaves the EU in preparation for a no deal Brexit. 35 per cent of small companies point out that they will postpone major business decisions or innovations, while around one in five (21%) say they can cut staff or expenditure.

Responding on the findings, FSB Development Manager for Nottinghamshire and Derbyshire, Michael Watkinson, said: “Examining these studies it is obvious the small firms aren’t prepared or ready to get a chaotic no deal Brexit additionally, the impact that it’ll placed on their businesses.

“Let’s say you sell your product or service towards EU, buy goods from your EU or when your small business banks on staff with the EU, congratulations, you understand this outcome as a clear and present threat to your business.

“It truly is deeply troubling that this prospect of an no deal Brexit is seeing many small firms shelving business decisions, pausing investment and much more drastically, thinking of cutting staff. These lenders could be the growth engines within the UK economy in fact it is critical that the us government listens to their worries.

“Right now, its understandable that some small companies haven’t starting preparing since they aren’t actually aware of what they’re getting yourself ready. That which you need will be the govt to do business with the little world of business to make sure that they are really adequately prepared and supported in case a no deal Brexit can be a rather more likely outcome during the coming weeks.

“The issue is by purchasing only six months time to visit before exit day, we’re also now in the race with the clock avoiding an issue where we crash out of your EU causing significant problems for our smallest businesses. This have to be avoided totally.”

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