Originally written by Timothy Adler on Small Business
EXCLUSIVE: More than a third (37 per cent) of UK small businesses claim Brexit could result in their business closing, according to research.
More than two fifths (44 per cent) of SMEs say that Brexit will or already has driven their businesses to lay off employees, according to research by business payments firm Equals Money.
More than three quarters (76 per cent) of 1,050 SMEs surveyed say foreign suppliers have increased prices, and more specifically, a third (33 per cent) say suppliers have increased their prices by more than 10 per cent. More than half (53 per cent) say that Brexit could or has resulted in higher shipping costs.
>See also: Half of small business exporters struggling with new rules post Brexit
Tomorrow (June 23) will mark five years since the Brexit referendum took place and the UK voted to leave the European Union by a majority of 52 per cent. Brexit officially came into force in January 2021, but it wasn’t until May 1 2021 that the EU–UK Trade and Cooperation Agreement (TCA) came into effect. The free trade agreement now governs the relationship between the EU and the UK.
>See also: A quarter of small exporters