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Small Businesses Call For Post-Brexit Fund

Posted 6th December 2018 in News For Businesses

Small business leaders have called on the Scottish Government to commit to a post-Brexit fund to help companies deal with the fallout.


The Federation of Small Businesses (FSB) made the plea ahead of Finance Secretary Derek Mckay’s plans to announce his Budget this December.


FSB’s Scotland policy chair Andrew McRae commented that “avoiding a chaotic no-deal, no-transition Brexit” was “top priority” for small UK businesses.


The government has been urged by the FSB to follow the example set by Wales, where ministers have announced a £50million fund to help businesses transition to a post-Brexit Britain.


In a letter addressed to the Finance Secretary, McRae commented, “In particular, smaller firms may need financial assistance to enable them to make necessary adjustments, whether accessing technical or expert information on trading, dealing with increased or different bureaucracy, or addressing skills or staffing issues.


“We therefore submit that the Scottish Government should establish a Brexit resilience fund, similar to that introduced in Wales.”


McRae’s letter suggests that businesses with a rateable value of between £15,001 and £16,500 be given 50% off their rates bill, claiming that this change could benefit approximately 3,500 businesses.


“This simple move could reduce the total volume of rates appeals, relieving pressure on the wider tax system,” concluded McRae.

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