Additional paperwork, unexpected costs and new regulatory requirements resulting from Brexit are posing a bigger problem to British businesses than disruption as a result of the Covid crisis.
The UK’s five biggest business groups - The CBI, the Institute of Directors, Make UK, the Federation of Small Businesses and the British Chambers of Commerce - have recently warned the government that companies face “significant disruption” if post-Brexit conditions are not eased.
The FSB also says the profits of many small firms are being wiped out by the new, additional post-Brexit costs, with many feeling they have no choice but to move their operations to an EU member state in order to be able to continue trading. Research from marketing firm Impression shows that 67% of UK businesses are still uncertain of what is to come from Brexit, with 20% expecting a long-term negative impact.
Read more: City AM
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