3 Ways Brexit Could Affect Small Businesses
The Brexit deadline is on the 31st of next month. With this approaching soon, there is also the concern of how this will affect small businesses. Therefore, we've put together three factors that could affect small businesses during post-Brexit.
The Bank of England believes that UK banks will not be majorly affected by a disorderly Brexit. However, during that market turbulence, it is likely to result in banks restricting lending to small businesses. So in case this does happen, it's best to set aside some extra funds.
This is an area that Brexit has the biggest chance of bringing a positive interruption. As UK goods are sought after worldwide, through Brexit, the UK will shift towards exporting at a faster pace than importing. This should benefit SMEs.
The free movement currently available under the EU will end with Brexit. This will directly affect small businesses with EU citizens employees within the UK. As businesses cannot apply on behalf of employees, these EU employees will need to apply for the EU settlement scheme. Businesses cannot apply on behalf of employees. This also means that post-Brexit, it will be more difficult for businesses to employ EU citizens who don't already live in the UK.
Planning is Key!
These three factors are key points for small businesses to consider in the lead up to and after Brexit. Through all the changes that will come with Brexit, it is best to educate yourself more on how your business will be affected and prepare accordingly. If you want to find out more how you may be affected by Brexit, visit this link.
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Remember failing to plan, is planning to fail!