Brexit: Opportunity or catastrophe for SMEs?
With less than a month to go till the European Referendum the debate is heating up on a number of key areas – including the impact on SMEs. Could leaving the European Union decrease red tape for SMEs, giving business owners more freedom and independence? Or could it make trading with our key European partners much harder?
Pro-European campaigners are trying to convince the electorate to vote ‘Remain’ by highlighting quotes from key business and economic figures. The Governor of the Bank of England, Mark Carney, recently warned that a majority vote to “leave” in next month’s European Union referendum carried the risk of a “technical recession” for the UK. Billionaire businessman Richard Branson warned back in March that leaving the European Union would be “the worst decision the British public ever made”.
Those supporting the ‘Leave’ campaign highlight the impact that European Union has on UK businesses, including claiming that the cost of EU Regulations hinders 95% of UK businesses. They also cite the lack of freedom from law making in Brussels, rolling out statistics such as ‘Less than 5% of UK businesses trade directly with the EU, but have to adhere to all EU Directives.’
Whichever way the vote goes on 23rd June, and it is likely that the vote will be tight, there may still be uncertainty to deal with.
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