Two years after Brexit, the economic ordeal of British SMEs

Many British SMEs lament the disastrous economic effect of Brexit.  (illustration image) - Credit:Jean-Pierre Amet / MAXPPP

Many British SMEs lament the disastrous economic effect of Brexit. (illustration image) – Credit:Jean-Pierre Amet / MAXPPP

Un referendum with far-reaching consequences. As indicated France Infothe output of UK of the European Union enacted in 2020 has plunged many small and medium-sized enterprises (SMEs) into economic setbacks. According to the results from a recent report by the British Chamber of Commercerelayed by our colleagues, more than three out of four SMEs (77%) believe that the Brexit does not help them increase their sales or grow their business.

More than half (56%) also point to the fact that they have difficulty adapting to the new rules for the exchange of goods. And to deal with it, these companies have, in many cases, no choice but to take out cash. “No one really knew what to do. We had to work with companies that not only helped us to certify our products but also made sure that we fulfilled all the conditions: all this has a cost! sums up to France Info Sam Martin, owner of a men’s cosmetics brand based in the north of England.

Gargantuan shipping costs

But red tape hurdles aren’t the only challenges UK businesses have faced since the introduction of Brexit. The shipping costs have indeed skyrocketed and qother companies out of five (80%) have seen their cost of exports increase. So much so that some of them, like that of Sa […] Read more

Leave a Comment

Your email address will not be published. Required fields are marked *