Brexit and everything surrounding the UK’s imminent departure from the EU is worrying for UK business owners. To understand what will happen it is important to get to grips with what Theresa May’s industrial strategy really means. Below is a look at the long-awaited strategy, with impartial advice from McManus Williams, one of the many Bristol accountancy firms you can rely on when you need help.
Bristol Accountancy Firms : Boosting Confidence for UK Business Owners
Owning a business is frightening at the best of times. But with Brexit threatening to overturn all your hard work, you need to find Bristol accountancy firms who can offer you impartial advice. Theresa May bids to deliver a stronger economy and a fairer society post-Brexit. So, how exactly will it all work. Will the UK really be wealthier and full of opportunities for UK business owners after it bids farewell to the EU once and for all?
The strategy received a reception that could only be described as lukewarm. The strategy lacked substance and failed to put the minds of the UK business owner to rest. There is however one area of the strategy that is optimistic, that being the section entitled “supporting businesses to start and grow” On page 18 of the strategy, this segment of the strategy brings hope to the small UK business owner as well as to potential startups. Ensuring that everyone has access to funds for starting up a business in the UK will be warmly welcomed.
The backbone of our economy is the SMEs, and their plight is at the centre of May’s agenda. In the last year, medium businesses in the UK have generated more profit than larger ones. They have also created 780,000 new jobs. SMEs are therefore an integral for the economic success of the UK post Brexit. It is vital that SMEs are fully on board.
Brexit is already having a severely negative effect on British businesses. A third of businesses have abandoned investment. This figure is divided up between small, medium, and large businesses. 44% of medium businesses have abandoned investment compared with 23% of small businesses. Reducing spending is understandable at such uncertain times, but it is important that we do not stall investments forever. Now Brexit plans have been clarified it important that we act more boldly. With the government stating that barriers will removed in order to support growth, it is time to embrace the leave from the EU.
As Bristol accountancy firms remind us, leaving the single market does not mean relinquishing access to it. It will be entirely possible for UK business owners to enjoy the best of both worlds. What is necessary for UK businesses and startups is access to reliable finance when it is needed most. Diverse models needs to be created that go far beyond the standard and unsecured bank overdraft. UK business owners need to embrace change instead of being scared of it. The UK has been trading strongly for centuries and a move away from the EU means that we are entirely capable of standing alone and away from the single market.