The EU Exit: Stoke-on-Trent and Staffordshire Outlook
March 10, 2020
A total of 849 businesses across Stoke & Staffordshire took part in a telemarketing survey carried out by the Growth Hub, as part of the biggest ever campaign among the West Midlands business community, to gain an insight on the impact the UK’s departure from the EU will have on local businesses.
Nicola Kent, Stoke-on-Trent and Staffordshire Growth Hub Manager, said: “Whilst optimism seems to be returning in the business world, leaving the European Union could have a great effect on a significant number of businesses, particularly those that trade overseas.”
Of the companies which responded to the survey, just over half (52.5 per cent) have considered the potential impact of leaving the EU on their businesses.
A key finding from the data showed there was a positive correlation between the companies that actively trade with the EU and those that have looked at the potential change in the UK/EU trade relationship between suppliers and customers.
“It is important that businesses review how resilient they are in order to manage the impending changes the end of the transition period will bring to overseas trade,” Nicola said.
The amount of businesses who have taken steps to prepare for Brexit varies greatly across each sector. The sector with the largest percentage of companies that had taken time to consider the potential consequences of the EU exit in Stoke and Staffordshire was the advanced manufacturing and engineering sector.
Nicola added: “It was promising to see that all of these companies in this sector were aware of the latest HMRC guidance, as this industry would almost definitely suffer severe pressures of the EU departure.
“The guidance on the Government website is very worthwhile and relevant for all businesses in all sectors. I would urge anyone to go to GOV.UK as a starting point because it doesn’t take long to find the information you need.
“Growth Hub account managers will be contacting those businesses who requested support moving forward to ensure help is provided to maintain sustainability and growth in a post-EU Exit world.”
