More support needed for small firms with 50 days until EU transition

17th November 2020

More support is needed for small firms as the EU transition ends, but the COVID-19 pandemic continues, according to the Federation of Small Businesses (FSB).

With less than 50 days until the end of the transitional period, new figures from the Office for National Statistics (ONS) reported a 1.1% growth in September and a 15.5% increase in Q3, which both remain down on February’s figures.

Mike Cherry, national chair of the FSB, said small firms still have little idea about their future trading relationship with the EU, and it is hugely important that they can prepare.

To help small businesses across the UK, the organisation is calling for support measures such as UK transition vouchers to support the new trading relationship, alongside a reduction to national insurance contributions to lower the cost of employment.

The FSB is also calling for further support for those setting up their own firms and self-employed individuals.

Cherry added:

"The weeks and months ahead are set to remain difficult with many unknowns, so it's never been more important for the public to get out and support their local businesses, either in person where it is safe to do so, or online.

“The festive period should normally be a buoyant time for business trading, but this Christmas may not be the bumper period that many small firms will be hoping for. Which is why support from both the government and the public could not come at a more crucial time."

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