A third of businesses report drop in turnover amid import/export challenges

Today, new ONS figures on challenges facing UK businesses showed that weeks after the introductions of new post-Brexit import checks, a third of businesses reported a drop in turnover, 72% of businesses reported importing challenges and that less than two thirds of transport and storage businesses were fully trading.

Hilary Benn MP, who chairs the UK Trade and Business Commission, said,

“While the new Brexit Opportunities Minister is today asking the public what EU regulations he should remove, the truth is that Brexit red tape and increased administrative costs introduced by this Government are making life much more difficult for British businesses at the very moment when they need all the help they can get.

“Ministers must now face reality and act on the recommendations made by the UK Trade and Business Commission to improve their inadequate deal, and in the meantime, increase support for businesses by reopening the SME support fund."