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Small Firms ‘Lack Resources to Prepare for No Deal Brexit’

Written by: Keith Tully

Published: 21st March 2019

Small Firms ‘Lack Resources to Prepare for No Deal Brexit’A significant proportion of small businesses around the UK lack the resources or the capacity to prepare themselves for the potential ramifications of a No Deal Brexit.

That’s the view of Alan Soady from the Federation of Small Businesses (FSB) who has said that small scale operators nationwide often simply don’t have “the money or expertise” to guard against the consequences of a disorderly Brexit.

“A lot of small businesses don’t have the kind of resources, and specialist teams to do contingency planning,” Mr Soady has told Sky News.

“That’s why many have found it so difficult to plan, and prepare for the possibility of an unplanned no deal.”

Mr Soady added that businesses reliant on ‘just in time’ supply chain dynamics have found it particularly difficult to prepare for a No Deal Brexit scenario because they rely so much on having unhindered access to EU markets and stockpiling simply isn’t an option they can make much use of.

The FSB recently called for MPs in Westminster to “stop playing games and come together” to find a solution to the ongoing Brexit-related uncertainty in the UK in order to protect the country’s “businesses, communities and the economy”.

Meanwhile, the Confederation of British Industry (CBI) and the Trades Union Congress (TUC) have joined forces to send a strongly worded letter to prime minister Theresa May asking her to urgently change her approach to Brexit.

The letter says: “Together we represent millions of workers and tens of thousands of businesses. It is on their behalf that we are writing to you to ask you to change your Brexit approach.

“Decisions of recent days have caused the risk of no deal to soar. Firms and communities across the UK are not ready for this outcome. The shock to our economy would be felt by generations to come.”

The CBI and the TUC argue that an extension to Article 50 and a delay to Brexit beyond the intended leave date of March 29th has now “become essential” and that a “Plan B must be found” beyond Theresa May’s Brexit deal and a No Deal Brexit.

“Avoiding no deal is paramount,” the CBI, TUC letter goes on to say. “Businesses and employees alike need to see their government clearly acknowledge the reckless damage no deal would cause and recommit itself to avoiding this outcome.”

Keith Tully

Keith Tully

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Keith has been involved in Business Rescue since 1992, during which time he’s worked for both independent and national firms. His specialties include company restructuring matters and negotiating with HMRC on his clients behalf.

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