Now Give us Clarity say UK Small Businesses as UK Triggers Article 50

With Article 50 being triggered on Wednesday, March 29 the UK’s legion of small businesses are hoping for one thing - clarity.

With the exit process and future trading relationship with Europe likely to become more clear over coming weeks and months there is a hope that confidence will return.

“On the day Article 50 is triggered small businesses are calling out for clarity on how this will impact how they run their business,” says Mike Cherry, National Chairman at the Federation of Small Businesses (FSB).

Cherry says FSB members that export and import now need confidence that they will still be able to trade on the same terms.

He adds that those that employ non-UK EU citizens in their workforce will want early assurance they will remain, and that hiring new staff will not mean a new system with extra costs and burdens.

“Frustratingly, we’re still in the dark in regards to the full impact of Brexit, but early indicators are a mixture of positive and negative. It’s difficulty to say with any certainty what post-Brexit Britain will look like as it’s uncharted territory,” says James Roberts, Director of Sanctuary Bathrooms.

Weaker Pound Boosts Business

It would appear that exporters like Sanctuary Bathrooms have been enjoying the benefits that a weaker Pound brings.

“One unseen benefit of this upheaval has been an increase in orders from other EU countries, who are taking advantage of the weak Pound to grab themselves a bargain,” says Roberts.

But, as an independent business owner who deals internationally and domestically, the company has seen rising costs from suppliers since the announcement of the Brexit vote.

The rise has been on average around 7%, but as the Dollar and Euro start to level out, Roberts says this should hopefully reduce.

Sanctuary Bathrooms had to factor this increase into their prices alongside other UK firms, evidenced by the rise of UK inflation to 2.3% in January.

Before the referendum last June, many economists produced gloomy forecasts which have since been proved wrong.

“Consumers' confidence has not suffered, and, by and large, things have gone on as before,” says Roberts who adds:

“Personally, we are quietly confident that our business may benefit from a boost in EU orders in the near future which will sufficiently counter any losses in sales domestically,” says Roberts.