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28 November 2018

No Deal Brexit a danger to jobs, growth and the economy

Responding to the release of the Department for Exiting the European Union (DEXEU) assessment of the economic impact of Brexit, Federation of Small Businesses (FSB) National Chairman Mike Cherry, said: These figures paint a stark picture of the impact a no deal Brexit will have on the economy and suggest what many have been warning about.

“Put simply, a chaotic no deal Brexit will damage jobs, cut growth and hurt the economy. This cliff edge will disproportionately be felt by our smaller businesses that do not have the same capacity or resources as big businesses to make adequate contingency plans to soften the impact of this scenario or to deal with the costs of suddenly trading on the basis of WTO rules from April 2019 and having to complete customs declarations.

“With only one in seven small firms planning for this extreme outcome, it represents a clear and present threat. With time ticking ever faster, our smaller businesses need support and advice to start planning. The Government can help with this by following the lead of Ireland and Netherlands and issuing Brexit advice vouchers or considering other forms of financial and non-financial support that small firms can use to help prepare.”