SMEs and Brexit

ScotiaAccounting  |  28th October

Now that the dust has settled somewhat since 23rd June vote SMEs should now be paying very close attention to the news over the coming months. Theresa May will be key to start the  voyage away from the European Union the fortune of thousands of businesses will be in her hands.

Import and export companies have already been hit by the heavy fall of the pound. Monitoring the fluctuating pound over the coming months and immediate years ahead will be key for those businesses to survive.

What will the consequences be for the UK

What will the consequences be for the UK?

We may still be hit by a recession, as consumers may simply stop spending to protect themselves – a risk to businesses large and small.

Of course, there may be benefits to Brexit such as a potential drop in corporation tax in order to make the UK a more attractive investment opportunity but to be honest it is far too early to say. In addition to this there may be less rules and regulations for trade which will act as another form of attracting investors. We may see positive benefits as new trade deals come to realization. However, we have a lot of hurdles to jump over and hoops to jump through before those benefits begin to be realized and markets are likely to be nervy.

For now it is simply a waiting game for the majority of us as we venture into the unknown.

Any advice you may require you can get in touch with us here.