Politicians must come together and urgently find a way forward from what it describes as an alarming Brexit stalemate and now no-confidence vote, says the Federation of Small Businesses.
Carolyn Fairbairn, CBI Director-General, said: “Every business will feel no deal is hurtling closer. A new plan is needed immediately. This is now a time for our politicians to make history as leaders. All MPs need to reflect on the need for compromise and to act at speed to protect the UK’s economy.”
GSB National Chairman Mike Cherry said: “The UK is due to leave the EU in just ten weeks, and yet businesses still have no idea what kind of circumstances they should prepare for. Many small businesses would be adversely impacted by a chaotic no deal exit. It is vital that there is a transition period, to give smaller firms time to adapt to whatever the final outcome turns out to be.
“Small business confidence has plummeted to its lowest point since the wake of the financial crash. Four in ten expect performance to worsen over this quarter, two thirds are not planning to increase capital investment, and a third see lack of the right skills as a barrier to growth. That’s what political uncertainty does to business: it makes it impossible to plan, innovate and expand.
“The UK’s talented entrepreneurs are adept at finding innovative solutions when overcoming challenges in their businesses. It’s time for politicians to show that kind of innovation, flexibility and can-do spirit to end the impasse and bring some certainty that there will be both time and support to plan for the future during a transition period.
“The Prime Minister suggested that beyond the confidence vote she would be willing to approach members of other parties in a constructive spirit. This should involve meaningful talks, to find a genuine cross-party way forward.”