As Brexit negotiations continue, small and medium-sized businesses in the UK are expressing growing concerns over the lack of clarity surrounding their future relationship with the EU. This uncertainty is preventing them from making crucial investment decisions and planning for long-term growth.
Leaders at the Institute of Directors have highlighted that the delay in finalizing the trading relationship by the end of the year is leaving businesses in a state of limbo. Merilee Karr, CEO of short-let accommodation firm UnderTheDoormat, shared her frustrations: \"It's just not good enough that there are no plans and we are exiting without clarity of what this means for businesses. As we expand to other markets, I don't know what the regulation or the legal framework will look like.\"
UnderTheDoormat, which manages around 300 properties, relies heavily on a reliable network of housekeeping and greeting services. Karr added, \"I really worry for us and any other hospitality business that needs cleaners. Where are we going to find the people who want to do those jobs, if we don't have talent coming from outside the UK?\"
The uncertainty isn't confined to the hospitality sector. From manufacturing to service industries, businesses are grappling with what Brexit means for their products, services, and workforce. In Greenford, west London, Brompton Bicycles is navigating these challenges by focusing on the European market. Stephen Loftus, the firm's chief commercial officer, emphasized the importance of maintaining a strong presence in key markets like Germany and the Netherlands to avoid supply chain disruptions.
Brompton has proactively set aside £1m worth of bike parts and steel components to cushion against potential disruptions. Additionally, the company is ramping up production of its battery-aided bikes, aiming for them to constitute at least half of their business within the next decade. Their goal to double production in five years hinges on a stable post-Brexit environment.
As Brexit negotiations proceed, the eyes of the business community remain fixed on the UK government's efforts to provide the necessary clarity to foster a stable and predictable trading environment.
Reference(s):
Small UK firms issue Brexit trade talks warning over staff and exports
cgtn.com
