Keep calm and carry on: British SMEs prepare warily for Brexit

Jul 21, 2017

Martin Coles, the managing director of the Matrix Polymers, does not believe that Brexit will change the European market in a positive way. With Brexit, the UK would be leaving the European Union and its single market and customs union. Moreover, the European Union is not ready to give UK a deal that equal membership to the EU, and thus have the same benefits that members states have. To this day, neither British or European SMEs have a clear picture of how their businesses could be affected by the UK´s departure from the Union; until negotiations are over, their future is quite uncertain. Once news of Brexit broke out, a ¼ of SMEs have raised their prices, 22% have taken steps to reduce costs, 10% have frozen salaries, and 20% of companies have set up bank accounts in other currencies.