Brexit Will Leave ‘a Business Support Black Hole,’ Says ReportMay 16, 2017
UK small firms will face a £3.6bn EU funding shortfall by 2021, according to Federation of Small Businesses research, with deprived areas hardest hit.
Eight in 10 SMEs have sought business support services over the past 12 months, according to a report from the Federation of Small Businesses (FSB). With £3.6bn of dedicated small business support coming from the EU (between 2014 and 2020) the UK must fill the shortfall to prevent economic slowdown after Brexit.
In addition, the UK government has not budgeted for a regional development fund beyond 2021. Mike Cherry, national chair of the FSB, said: “Small businesses across the country are staring into a business support black hole from 2021. This is a particularly pressing issue for the many small firms with growth ambitions and those in less economically developed regions.”