Brexit has cost small businesses an average of £1m each in lost revenue since referendum, survey suggests

Firms blame uncertainty since June 2016 vote blamed for lost sales

Monday 04 November 2019 15:29
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Only a third of 1,000 small to medium-sized enterprises (SMEs) surveyed by distribution company CitySprint said they had seen the government's Get Ready For Brexit advertising campaign
Only a third of 1,000 small to medium-sized enterprises (SMEs) surveyed by distribution company CitySprint said they had seen the government's Get Ready For Brexit advertising campaign

Uncertainty over Brexit has cost smaller firms over £1m each in lost revenue and turnover in the past three years, a new poll suggests.

Only a third of 1,000 small to medium-sized enterprises (SMEs) surveyed by distribution company CitySprint said they had seen the 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.

However, only 38 per cent of SMEs stated that their business has made specific plans to prepare for Brexit, and just under three in 10 have put plans in place specifically for a no-deal scenario. Almost a quarter (22 per cent) have specific plans which prepare them for a Brexit extension.

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.”

PA

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