Britain’s vote to leave the EU in June last year has already affected big companies like HSBC and EasyJet which announced profit warnings and potential job cuts and they’re not the only ones. In this article, we are taking a look at how businesses in the UK are reacting to Brexit.
Two months after the UK voted to leave the EU, the impact is beginning to be felt by small and medium sized businesses but perhaps more through confidence levels which may impact spending. Smaller companies may be less exposed to overseas markets as of Britain’s 2.5 million VAT registered business only 110,400 traded with companies in the EU between 2014-15.
Many British businesses may be wondering what impact Brexit may have on their sales and profits. The EU contains around 508 million citizens and around half of all UK exports end up in the EU which may be catastrophic. EU consumers may also face tariffs, even on a basic level such as postage, which may mean they choose from other EU nations inst...