Research from the Federation of Small Businesses (FSB) has revealed that smaller firms will be worst hit if Brexit negotiations result in a ‘no deal’. Around 59% of small firms that export goods to the EU believe trade will be damaged due to higher costs if they have to complete additional customs declarations. In addition, 11% of firms said they would stop exporting to the EU if they face higher trading costs post-Brexit. In response to the findings, the FSB has urged the Government to guarantee a transition period to help smaller firms prepare for and adjust to new trading arrangements after the UK leaves the EU.
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