As the PM prepares to suspend parliament – what does a no-deal Brexit mean for UK’s SMEs
28/08/2019 - The UK Business Angels Association
The UK Business Angels Association assesses how a no-deal Brexit will adversely affect Britain’s regional businesses.
Boris Johnson has announced today that the Government will ask the Queen to suspend Parliament for at least a month, a mere nine weeks before the supposed Brexit deadline. This drastically reduces the anti no-deal coalition’s opportunity to pass any laws designed to stop the Prime Minister from taking the UK out of the EU without a deal on October 31st.
The move is likely to be hugely controversial not only with MPs, but with businesses across the UK looking for security and opportunity to develop. For many of Britain’s SMEs who rely on substantial investment from mainland Europe to flourish, the suspension of parliament could have a disastrous effect on their ability to secure prolonged investment. Jenny Tooth OBE – CEO of the UK Business Angels Association – has commented what further potential chaos could mean for SMEs in the UK.
“Brexit has left many UK businesses uncertain of their future. For entrepreneurs in the regions, it will be vital to ensure that they can continue to secure the investment need in view of the loss of European Investment Bank Funds and European Regional Development Funds. A no-deal Brexit will hit the regions hardest, especially those businesses which rely on importing or exporting from the EU, and the talent influx of EU members.
Regardless of the Brexit outcome, I hope that the government will make it their business to support SMEs, entrepreneurs and investors, as well as recognising the importance of angel investing and the tax efficiencies available to encourage this.”
For further information visit The UK Business Angels Association website
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