Following the referendum result I believed that ‘Brexit’ would be a big blow to the UK’s micro-business sector and I still believe this to be the case.
In the run up to the vote, the overwhelming majority of micro-business owners and freelancers were in favour of the UK remaining in the EU because they didn’t think a ‘Brexit’ would be beneficial for their own businesses or the economy in general.
Three months on from the vote, micro-businesses, which comprise around 95 per cent of the UK’s total number of companies, have seen no immediate advantages from Britain’s decision to leave the EU. These businesses are actually in a state of limbo instead, as they are in for a lengthy period of uncertainty while negotiations take place over the terms of the UK’s exit.
I would urge the government to be as swift as possible in providing updates about how these discussions are progressing, and give every business owners in the UK clear, up-to-date information about what the effects of Brexit, whenever it does happen, will be on important issues such as trade and tax.
British micro-businesses cannot be kept in the dark, given their immense contribution to the economy.
Ed Molyneux, CEO and co-founder of FreeAgent
Image Credit: D Smith / Flickr