Small businesses ‘not prepared for Brexit’

Small businesses in Scotland are the least prepared for Brexit, according to a report.

Firms with more than 250 employees appear more prepared by engaging with academic reports and the business community, it was found.

The banking sector has undertaken the most detailed scenario planning for leaving the EU but appears more focused on its own businesses than that of customers, according to consultancy Momentous Change, set up by former SNP MPS Michelle Thomson and Roger Mullin.

They surveyed more than 160 business leaders and found that only 23 per cent had engaged with academics and 31 per cent with business groups about Brexit. Only 9 per cent said they have consulted with their banks regarding Brexit but all had questions for both the UK and Scottish governments.

The two highest questions of the UK government were to establish transition arrangements specifically geared to assisting businesses and to make explicit matters that will be devolved to Scotland.

In relation to the Scottish Government, the key question was to make clear how it would seek to use any new devolved powers.