Commentary from specialist finance director at Bibby Financial Services regarding the news that the Brexiteers’ favoured technology-based custom system could cost UK businesses £20bn a year.
Kash Ahmad, said:
“The idea that businesses may have to foot a bill of up to £20bn to trade with the EU would prove another significant barrier for UK SMEs international expansion aspirations. Effectively, it would be an enormous step backwards in the government’s efforts to promote trade.
“A “plausible” figure of £32.50 per individual declaration is yet another burdensome cost for SMEs already feeling the squeeze. From operating on small margins and handling different payment terms, many businesses are already stretching their working capital to the maximum.
“The government continues to ramp up the positive energy to a bright future for UK Plc, but solutions like this only dampen the ambitions and confidence of UK SMEs.”