While the Brexit draft of agreement still raises some controversy about whether or not it will finally take place, and as the country looks upon the disarray in Westminster, small businesses are looking at their future and what the deal will mean for them in the long term. Non-dilutive MME fund provider Capital Step has commented on the deal and what it will mean for family-run and regional enterprises across the country. If yesterday we focused on the changes in the household’s electric bills, today is the turn of another yet vulnerable sector: the UK SMEs industry.
Jonathan Schneider, Executive Chairman of Capital Step, commented on the Brexit deal. “The outlines for a deal offers some stability for corporate businesses and for the economies across Europe. However, officials and politicians must keep regional and family-run businesses in their minds when voting on a final deal, especially as they make up such an important part of the economy.”
On October 14, the British PM Theresa May announced that a draft of agreement for Brexit was reached on a late announcement, and that deal was backed up by the cabinet. However, an array of resignations followed up the next day, highly compromising the hard-fought deal. What Mr Schneider asks is to not let aside within the 585 pages of the agreement the small businesses, one of the engines of the UK economy. He reminds, “The British Government and negotiators in Europe to consider the wider implications of the deal and how it will affect the UK’s entrepreneurial economy, including regional investment and FDI. The transition period will make the process of leaving the European Union smoother for many of these enterprises, but support and assistance needs to be there for these business owners to help them with this journey.”
And he concluded with, “Particularly when it comes to funding and investment, only time will tell to see how much of an effect Brexit will have on enterprises in the regions. The private sector can step in to ensure that these enterprises are supported and encouraged to grow post-Brexit, and we are confident that we can support many of these regional and family-run businesses in the long term.”