Small and medium-sized enterprises (SMEs) should be “front of mind” during all trade negotiations with the European Union (EU), the Federation of Small Businesses (FSB) has said.
The comments follow worrying data published in recent weeks regarding Britain’s ‘widening’ trade deficit during the first quarter (Q1) of 2017.
According to the Office for National Statistics (ONS), UK exports continued to take a hit from weak values of sterling.
The ONS’ data also reveals that the UK’s industrial output fell by 0.5 per cent in March 2017 – much sharper than the 0.3 per cent fall previously estimated.
Furthermore, a separate report published by money transfer firm World First has revealed a ‘significant slowdown’ in international trading between Q4 of 2016 and Q1 of 2017.
Following the troubling research, FSB chairman Mike Cherry has called on the next Government to offer greater support to Britain’s SMEs, ensuring that small businesses are “put at the heart of EU trade talks.”
He said: “As the next Government embarks on a post-Brexit global trade drive, small businesses should be front of mind.
“Securing bold and ambitious free trade agreements with the EU and other priority countries will be critical to boosting UK exports, and we want to see a small business chapter in all future trade deals, dedicated to small business needs.”
He added: “Our research has revealed huge potential to double the number of SMEs exporting, if only the right practical advice and support is put in place. We’d like to see the Government explore financial incentives, like export vouchers or export tax credits”.