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Sunday, May 19, 2024

Small and Medium Size Businesses Expecting Brexit Trade Hit

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The SNP has warned that small and medium-sized businesses are counting their losses and are on the brink due to the devastating impact of Brexit red tape and increased costs, barely one month after the UK signed its bad Brexit deal.

New polling from POLITICO has revealed that almost four in ten (38%) small and medium-sized businesses in the UK that trade with the EU are expecting trade to decrease due to Brexit.

Separately, FT today highlighted a number of SMEs either suffering huge losses or looking to move their business to the EU to avoid the Brexit bureaucracy –

Menswear retailer Rivet & Hide cited examples of the eye-watering costs facing the firm, including a pair of jeans from the store now facing duties and taxes of £88, shipping costs of £23, a £4.50 courier surcharge and a £5 handling fee.

And, the founder of lingerie seller Bluebella, said:

“We tried to avoid having an EU entity but now it’s unavoidable.”

Commenting, the SNP’s Shadow Business spokesperson Drew Hendry MP (pictured) said:

“We are only one month into post-Brexit life and already businesses are struggling to navigate the Tory-imposed Brexit red tape and are counting their losses.

“With each day that passes we are hearing testimonies of small and medium-sized firms citing the eye-watering costs they face in order to continue trading with the EU – at the same time as trying to mitigate the damage caused by the coronavirus pandemic.

“And only last week, it was revealed that advisers working for the Department for International Trade are encouraging some firms to register in the EU to avoid extra charges, paperwork and taxes resulting from its very own damaging Brexit deal.

“The Tories have broken their Brexit promises and it is businesses and consumers paying the price.

“It’s clear that the only way to properly protect our interests and businesses is to become an independent country and to regain the benefits of EU membership.”

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