Friday, 21 September 2018 15:47

HIGH STAKES WITH ONGOING TORY BREXIT GAMBLE

The Federation of Small Businesses (FSB) in Scotland published yesterday a stark warning about business confidence in light of a Brexit no-deal, no-transition scenario.[1]

The Scottish small business confidence index fell from +5.1 points to -13.2 points and a separate FSB survey shows that 56% of Scottish businesses believe a no-transition, no-deal Brexit would impact negatively on their business, whereas only 5% believe it will have a positive impact. 

 

Only businesses in London have more significant concerns about a no deal Brexit than Scottish traders. 

Commenting Brendan O’Hara said “The Prime Minister and the rest of the UK political establishment need ‘an urgent reality check’, as the Brexit process seems to be heading toward a no-deal Brexit or no-detail Brexit, either scenario will disproportionately affect businesses in Argyll & Bute and our rural economy”.

The harsh reality of Brexit is starting to hit hard with business confidence in Scotland diminishing.  According to Mark Carney, Brexit has cost each household £900 and leaving the single market and customs union could cost Scotland 80,000 jobs.

Scottish Government analysis shows ‘hard-Brexit’ threatens to cost our economy £12.7 billion (£2,300 per person) a year by 2030, compared to remaining in the EU.

Reflecting on Theresa May’s statement today, local MP Brendan O’Hara added:

Theresa May’s statement added nothing to this Brexit debacle today.  She was utterly humiliated in Salzburg.  We’re two years down the line and no closer to a resolution.  The single market / customs union membership must go back on the table.  This is not a game, this is high stakes with businesses, consumers and citizens likely to bear the brunt of this tory gamble”.

The Scottish summary of the SBI is online here and the UK report is here. The survey was carried in The Herald, The Times, The Financial Times, The Sun and The Scotsman, amongst others. 

[1] https://www.fsb.org.uk/docs/default-source/fsb-org-uk/fsb-scottish-sbi-q3-2018.pdf?sfvrsn=0

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