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The UK200Group weighs in on Article 50’s impact on SME’s

30 Mar The UK200Group weighs in on Article 50’s impact on SME’s

Some nine months after the historic referendum that saw the UK vote to leave the European Union, yesterday Prime Minister Theresa May triggered Article 50, officially beginning the two-year period of Brexit negotiations before the UK’s eventual exit from the trading bloc which could be finalised by March 2019.

With so many questions about the UK’s ongoing relationship with the EU left to be answered, it’s a time of uncertainty for businesses of all sizes in the UK. With that in mind, the UK200Group a leading membership association of chartered accountancy and law firms has asked its member firms what they expect the future holds for SMEs in the UK.

Jonathan Russell, Managing Partner at UK200Group member ReesRussell, said, “Hopefully with the triggering of Article 50 much of the speculation and political positioning will cease, though I doubt it. We are in for a period of negotiation and in any negotiation the parties start at opposite ends of the spectrum and if successful the parties will move to a point where they can agree.”

On the other side of the spectrum Chris Swallow, Partner at UK200Group member Howard Worth, said, “The triggering of Article 50 will start the long journey to clarity on this matter. However the Scottish Independence referendum calls will give an added dimension. The calling of a new Scottish referendum was always on the cards.”

Nicola Sturgeon’s fantasy of independence could prove difficult after a leading think tank reported findngs from a research which noted that almost 62 per cent of Scots believe post-Brexit rules on trade and immigration should be the same in Scotland as they are in the rest of the UK.

James Abbott, President of the UK200Group and Director at Abbott Moore, said, “ it’s difficult to draw conclusions about our future.” whilst he added  “I am genuinely confident in our nation’s ability to thrive in whatever environment we face, we as SME advisors can’t sit on our hands and wait for the uncertainties during the negotiation process to be ironed out.”