The EU Referendum has caused a huge uproar from disappointed and angered citizens. There will be many repercussions for the UK following the Brexit, but what will the Brexit mean for small and local businesses?
Small businesses are essentially the support system of the UK economy; they account for 99 per cent of UK business, with a combined turnover of £1.8 trillion per year. Being in the EU meant that small and medium-sized enterprises (SMEs) could easily export to the world’s largest market, which is right on their doorstep. 1.2 million SMEs were involved in exports to the European Union, including 400,000 who sell directly to the EU.
However, some argue that the vote to leave has created more opportunities for small businesses, as they can now trade freely with the rest of the world. The excessive red tape and regulation from Brussels restricts small businesses’ trading, therefore creating a case for leaving the EU. Also, leaving the EU means businesses have to find new and faster-growing markets. In the long run, this is likely to improve their growth, jobs and earning potential.
Nevertheless, popular opinion (despite the outcome of the vote), shows that small businesses have been side-lined by the Brexit. However, the Federation of Small Businesses (FSB) is actively fighting on behalf of small businesses whose voices aren’t being heard. Although remaining on the Brexit debate, the FSB will continue to be the voice at the table for small businesses.
We need to, as a nation, support small local businesses now more than ever. There may be dark times ahead in the near future but together we are stronger and we can come out of this stronger. Amidst all the negativity following the EU Referendum we need to look to the future and continue on with our lives. Whether or not it was the wrong or right decision, it is done now.