Small firms unprepared for no-deal Brexit

With only six months until the UK's planned exit from the EU, most small businesses remain unprepared for a no-deal Brexit.

Research by the Federation of Small Businesses (FSB) shows only 14% of small firms have started planning in the event that no formal agreement is reached during negotiations between the UK and the EU.

Almost half (48%) believe this outcome would have a negative impact on their ability to do business, rising to 66% for small firms that trade with the EU.

When asked which actions they would take to prepare for a no-deal Brexit, 35% of businesses said they would postpone major decisions or innovations, while 21% would cut staff or expenditure.

Mike Cherry, chairman of the FSB, said:

"It is deeply troubling that the prospect of a no-deal Brexit is seeing many small firms shelving business decisions, pausing investment and more drastically, thinking about cutting staff.

"These businesses are the growth engines of the UK economy and it is critical that the government listens to their worries."

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