31st March 2017
Article 50 has been triggered, now clarity is needed for UK businesses
Article 50 was triggered by Theresa May on March 29th around midday, meaning Britain will officially leave the EU no later than April 2019, leaving the next 2 years for negotiations, deals, regulations and processes to be put into place. So now the clock is officially ticking, the Federation of Small Businesses (FSB) has said SME’s in the UK need more clarity around Brexit, and how it is going to impact the way we run our businesses.
In response to the beginning of negotiations, Mike Cherry, National Chairman at the Federation of Small Businesses (FSB), said: “It’s vital that throughout the Brexit negotiations the small business voice is not lost and that the final agreement is positive for British business.” And we couldn’t agree more. Whether it is confidence in export and import regulations staying on the same terms, or assurance that those employing non-EU citizens will keep their workforce, these queries need to be addressed early to prevent panic based on uncertainty.
Luckily, the short-term financial implications of Theresa May’s Article 50 letter are unlikely to be very dramatic, but when it comes to the economy, it is essential that a comprehensive trade deal is reached before the sands run down in 2019. Taking a look at things more locally, nearly 80% of Greater Manchester businesses surveyed currently intend for their investment plans to remain the same despite Brexit and Article 50, leaving just 7% planning to cut them, 9% unsure and 1% have already put them on hold, and hopefully this positivity will remain in the Northwest.
Many feel that the real impact of the decision to leave the EU is yet to be felt, due to the number of key decisions still left to make. If this is the case, the Davenham team is here to support SME’s and help tackle any funding challenges which may come our way as a result of Brexit, so please don’t hesitate to get in touch should you have any queries or concerns on 0161 832 8484.
In response to the beginning of negotiations, Mike Cherry, National Chairman at the Federation of Small Businesses (FSB), said: “It’s vital that throughout the Brexit negotiations the small business voice is not lost and that the final agreement is positive for British business.” And we couldn’t agree more. Whether it is confidence in export and import regulations staying on the same terms, or assurance that those employing non-EU citizens will keep their workforce, these queries need to be addressed early to prevent panic based on uncertainty.
Luckily, the short-term financial implications of Theresa May’s Article 50 letter are unlikely to be very dramatic, but when it comes to the economy, it is essential that a comprehensive trade deal is reached before the sands run down in 2019. Taking a look at things more locally, nearly 80% of Greater Manchester businesses surveyed currently intend for their investment plans to remain the same despite Brexit and Article 50, leaving just 7% planning to cut them, 9% unsure and 1% have already put them on hold, and hopefully this positivity will remain in the Northwest.
Many feel that the real impact of the decision to leave the EU is yet to be felt, due to the number of key decisions still left to make. If this is the case, the Davenham team is here to support SME’s and help tackle any funding challenges which may come our way as a result of Brexit, so please don’t hesitate to get in touch should you have any queries or concerns on 0161 832 8484.