How will the EU Referendum affect Small Businesses?

mm By Suzi Smart Bear 4 years ago
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Brexit and small businesses

Trying to find the facts

I took a bit of time out from my day, today, to do a bit of research before I make my final decision on the EU Referendum.
What I really want to know is how will it affect me and my business. As a small business, I don’t import or export, I don’t employ anyone from the UK or the EU and I don’t have to comply with a thousand EU laws like some businesses in the UK.

How has the EU helped UK Businesses?

So how would it affect my day to day life?

I’ll be honest, I didn’t really find an answer – no one seems to know, or won’t commit to an answer.

I did find out some interesting information, however, which I’ll share with you so you can make up your own mind.

First, I found a blog from a small business called Tiathlonbox who kindly wrote how the EU has helped them – i.e. things they would have missed out on had we not have been part of the EU. Sometimes, we forget about the little things like cheaper mobile tariffs across Europe which don’t just help business but everyone.

Will we be better off out of the EU?

I’m sure everyone has heard about the independent study and the findings of the Treasury suggesting we’ll be worse off if we leave – some people dispute it but I actually think it’s true. Once everything is place, perhaps it will improve but I think the country will suffer initially and I’m not sure as a whole we’re in a position to cope.
Not only are we just getting out of a recession but half the country was hit by horrific flooding meaning many small businesses are already hanging on by a thread. How will it affect them, even in the short term? Could it be the final straw that broke the camel’s back, for them?

Different outcomes for different businesses?

It will affect different types of businesses in different ways – this article by City AM provides some scenarios of what businesses should be considering when looking at the facts, whereas this article by Sky News suggests farmers could suffer and fishermen may benefit. Does that mean we have to make a choice which one we want to support or will our choice really make a difference in the long run if it all balances out.

And, how quickly will things change – I’ve read it could be up to 2 years before things really change. Will things have changed by then to make it ‘not so great a plan’ for us? who knows.

Nobody can see the future and to be honest, I’m still no clearer on what is the right route to take! What I do know is that businesses need to think long and hard before making this decision – ultimately, they have to do what they feel is right for them, and learn to adapt if the vote doesn’t go their way.

Categories:
  Blog, Small Business
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