Brexit uncertainty has cost smaller firms over £1m, study suggests

Brexit, EU, Referendum

Uncertainty over Brexit has cost smaller firms in Britain over £1 million (€1.16 million) each in lost revenue and turnover in the past three years, new research suggests.

Only a third of 1,000 small to medium-sized enterprises (SMEs) surveyed by distribution company CitySprint said they had seen the UK Government’s Get Ready For Brexit advertising campaign.

One in five said they had not seen or accessed any Government guidance or support since 2016, raising questions about how well prepared smaller businesses are, according to the report.

Almost half of those polled said they do not believe the Government has done enough to help businesses prepare for Brexit.

Despite the findings, half of SMEs said they felt more confident than they did 12 months ago, and were looking to expand their customer base across the UK in the next year

Rosie Bailey of CitySprint, said: “SMEs sit right at the heart of our economy. While it’s great to see that they feel upbeat and resilient, thanks to many years spent flexing their business to suit the times, it’s clear that they also need some extra support to help navigate the specific complexities of Brexit.

“With time running out, business owners should take immediate steps to seek out the information they need to understand the potential impact of Brexit in whatever form it takes and put clear plans in place to help their organisation mitigate these.”

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