A recent poll conducted by the Federation of Small Businesses showed that one in four small UK exporters had to halt sales to customers in the European Union due to red tape caused by Brexit.
According to the results of the survey of over 1,400 firms, 23% of exporters have temporarily halted sales to the EU, while another 4% decided to fully stop their exports to the bloc. At the same time, one in 10 exporters are currently considering halting sales to Europe permanently.
RT’s Boom Bust is joined by Hilary Fordwich of the British-American Business Association to discuss what it means for the struggling businesses.
“Growing pains are big for small companies, growing pains aren’t as big for big companies,” the business developer said, adding that global firms simply have enough resources to cope with the additional red tape.
“Small businesses I think are gonna continue to feel this [for] longer than the larger corporations,” Fordwich noted.
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