As small and medium-sized enterprises (SMEs) reassess their investment and hiring plans following the Brexit vote, the Federation of Small Businesses (FSB) has issued a statement saying that it is vital the UK continues to retain access to the single market and to skilled immigrants.
The UK’s 5.4 SMEs are already showing signs that they are rethinking investment plans and having credit lines pulled, with reported evidence that some SMEs have had finance offers pulled from big banks in the wake of the referendum result.
Britain’s SMEs, made up of 15.6 million people who provide 60 percent of all private employment in the UK, were hit hard by the 2008 recession. According to the Financial Times, the biggest threat facing SMEs now would be a financial freeze or a domestic recession.
If you have any concerns regarding business funding, our partner business BM Structured Finance is available to assist. As an independent finance brokerage providing impartial advice on all aspects of business finance, BM Structured Finance is able to source and restructure debt finance for SME businesses. Contact Simon Belton for further information.
In the meantime, our Beavis Morgan Brexit Planning Team remains on hand to provide updates on the issues and changes relevant to you and your business.
If you have any concerns or queries, please contact your usual Beavis Morgan Partner or a member of your Brexit Planning Team: