The study of 1,500 firms, carried out by the Federation of Small Businesses (FSB), revealed that when asked about the barriers they were facing with getting prepared, 68% said uncertainty regarding the future relationship with the EU was a main factor.
Twenty-two per cent said lack of time and resources due to the economic impact of Covid-19 has held them back in this area.
Of those who have got ahead with the necessary preparations, as many as 27% said the cost to do so has been in excess of £2,000, with 10% saying these costs have exceeded £5,000.
FSB National Chairman, Mike Cherry, commented, “More than four years on from the referendum, and after such a torrid 2020, we urgently need to see negotiators strike a pro-enterprise free trade agreement in the days ahead, one that includes an ambitious small business chapter.
“Fundamentally, if the Government wants firms to make additional preparations over the coming days and into the New Year, it needs to put its money where its mouth is.
“Transition vouchers - £3,000 grants that firms can use to buy the tech, training and advice needed to navigate a new trading relationship – would make a massive difference.
“The fact that so few small firms that trade with Europe are familiar with rules of origin requirements is deeply concerning, and highlights the need to phase in implementation of changes across some of these more technical areas.
“The clock is ticking more loudly than ever before. It’s time for negotiators on both sides to get a free trade deal done.”
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