SMEs “completely in the dark” over Brexit, study shows

More than three-quarters of small and medium-sized enterprises (SMEs) admit to feeling unsupported ahead of Brexit, a new study has revealed.
The finding forms part of business insurer Simply Business’ new survey of 1,200 small business owners across the UK.
According to the report, the “majority” of SMEs are “still completely in the dark over what to expect” or “how to better prepare for life after Brexit”.
This is despite the Government recently announcing new schemes designed to support UK businesses through Brexit, such as a “phased approach” to EU import declarations and Transitional Simplified Procedures (TSP).
In fact, the report found that just one in five SME owners know where to look for advice on Brexit.
Alarmingly, the survey also found that business owners are taking real action to weather the Brexit storm.
For example, more than a third (35 per cent) of business owners have decided to “delay growth plans”, while one in five (19 per cent) SMEs are “on the brink of shutting down their business” due to the lack of support.
Commenting on the report, Bea Montoya, COO at Simply Business, said: “There isn’t a blueprint for what happens after Brexit, which is particularly challenging for the UK’s 5.7 million hardworking SMEs.
“The self-employed are the backbone of the British economy, and they deserve more support and guidance – after all, it’s they who employ the majority of the UK workforce. A workforce which, according to our survey, is potentially at risk. Surely the government can clarify guidelines for what steps SMEs should take?”
For advice and support trading after Brexit, please get in touch with our expert team.

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