SMEs starting to feel the impact of Brexit

Joan McAlpine, Member of the Scottish Parliament and Alyn Smith, Member of the European Parliament, today expressed concern over the impact of Brexit on small and medium enterprises (SMEs).

World First’s Global Trade Barometer is based on a YouGov survey of 515 senior decision makers in UK SMEs. They concluded that “over a third of UK SMEs have been negatively impacted by Brexit” and that “almost half of all businesses admit to being worried about currency volatility”.

Joan said:

“This survey’s findings are clearly alarming and re-emphasise that the fall in the pound since the vote is causing real damage. It is welcome that firms are showing some resilience but almost half of SMEs are worried about the future and rightly so.

“Frankly, the concerns raised mirror my own conversations with business owners in my constituency. I fear SMEs will be bear the brunt of the storm caused by the Tories’ reckless pursuit of a hard Brexit which is making a difficult situation even worse.”

Alyn said:

“Remember, Brexit has not begun to start to happen yet, and unfortunately, much of the damage caused is still to come. Until the UK government puts forward a credible plan uncertainty will continue to rise. Instead of attempting to bully and blackmail, the UK Government should reach out to our European allies.

“SMEs create jobs in communities across Scotland and we cannot afford to ignore their concerns. The negotiations that are about to commence will be difficult and for them to be a success the UK Government must stand up for the needs of the people of Scotland.”

Notes:

The full report can be found here:

https://www.worldfirst.com/uk/blog/currency-transfer-news/post-referendum-reality/