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Enterprise

Just one in five concerned small business owners prepares for no-deal Brexit

"As the risk of a chaotic no-deal Brexit on 31 October remains alive and kicking, it is worrying that many small firms have either not prepared or are finding that they can't prepare."

Only one in five small business owners who believe no-deal Brexit will negatively impact them have prepared for a sudden departure from the EU on October 31, a survey suggests.

And nearly two thirds do not think they are able to plan for an exit without a deal on the current deadline, according to research from the Federation of Small Businesses (FSB).

While just under a third of small businesses that have prepared have undertaken stockpiling, the survey of 1,062 small firms carried out last month said.

It suggested that nearly two fifths of the firms believe no-deal will impact them negatively.

The FSB also said preparations are coming at a "high price", with small businesses spending an average of about £2,000, rising to £3,000 for those that import and export.

FSB national chairman Mike Cherry called for clarity and "meaningful support" from the Government so businesses can prepare.

"As the risk of a chaotic no-deal Brexit on 31 October remains alive and kicking, it is worrying that many small firms have either not prepared or are finding that they can't prepare," he said.

"Ongoing uncertainty is to blame for preparations hitting the skids with the picture still not clear as to how the º£½ÇÊÓÆµ will leave the EU on 31 October.