UK loses £20bn as Brexit, COVID-19 halt 1.5 SMEs from Int’l trade

UK loses £20bn as Brexit, COVID-19 halt 1.5 SMEs from Int’l trade

Over 1.5 million UK SMEs have stopped trading internationally this year which could cost the UK £20 billion, due to the impacts of COVID-19 and uncertainty around Brexit. New research released by British fintech, Currensea, reveals that of the 80 per cent of British SMEs (4.72 million businesses) that trade internationally in any given year, 1.18 million have had to pause directly because of the global pandemic and a further 283,000 because of Brexit. In the new report, Currensea described the development as a significant loss for SMEs as international…

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