What happens next?
The UK has left the European Union on Friday, 31 January. While there are no immediate consequences for citizens or businesses, this marks the start of the 11-months long transition period. During that time, the UK will remain in the customs union and single market while trying to negotiate a new trade deal with the EU.
Source: BBC, 30 Jan 2020
Resources to help businesses prepare for Brexit and beyond:
- UK Government
- Federation of Small Businesses
- British Chamber of Commerce
- British Business Bank’s Finance Hub
- British Business Bank’s Business Finance Guide
Voices on Brexit and UK businesses
Spotcap on Brexit
There are 5.8 million small and medium-sized businesses in the UK. Together they generate £1.9 trillion in turnover. The future of these businesses depend on what happens on December 12th, when the country goes to the polls. The outcome could affect the UK’s January 31 exit from the European Union — pushing it back, moving it forward or, possibly, undoing it all together.
At Spotcap, we are committed to helping UK businesses before, during and after this period of change. We support the five pledges set out in the government’s SME Finance Charter:
- We’re open for business and ready to lend. Spotcap supports established businesses with unsecured loans of up to £350k. Since launching in 2016 we have lent over £60 million to thousands of UK SMEs.
- We will do our best to help UK businesses prepare for Brexit and beyond. This Brexit blog can be used to help businesses navigate this period of uncertainty and change.
- We’ll support your application and flag other options if needed. We will give you a decision on your loan application within one working day. If we can’t help, we’ll recommend you one of our trusted partners who can.
- We’ll treat you fairly at all times. We are a responsible lender who will treat you fairly and give you the best rate possible. We are transparent about our process and fees. We have a dedicated client service team which you can call on 0203 308 9188.
- We’ll work with the government-owned British Business Bank (BBB) to support SMEs. We have collaborated with the British Business Bank since our launch in 2016. Together we have participated in educational events and educational initiatives. We share the BBB’s business finance guide with our prospective clients as part of their decision-making process.
“Companies are eager to know what’s going to happen with Brexit – one way or the other. Uncertainty can hinder collaboration as well as partnerships, and a clear direction for the UK fintech community is crucial now to continue the momentum.” – Niels Turfboer, MD at Spotcap, published in CrowdfundInsider
“A clear plan will bring reassurance to people at an individual level, and the same applies on a larger scale, for businesses. We’re all waiting for a sense of direction that will allow the UK to continue its fintech success story.” – Niels Turfboer, MD at Spotcap, published in Forbes
“It’s up to the government to create a post Brexit climate that welcomes the most diverse talent pool possible.” – Niels Turfboer, MD at Spotcap, published in Forbes
Originally published November 25 2019 , updated February 24 2020