Other sectors could soon face a similar fate. Consumer businesses could be hit hard by costlier card payments between the UK and the EU, as well as a steep rise in borrowing. In a letter addressed to Treasury chairwoman, Nicky Morgan, Chancellor Phillip Hammond detailed the fiscal consequences of a No-Deal Brexit. The Chancellor predicts GDP value to reduce by 7.7 per cent over 15 years, adding £80 billion to borrowing by 2033.
Business owners cannot allow this UK/EU tug-of-war to threaten their chance for success. Whether the UK reaches a deal or not, businesses must ensure their own survival.
At the Credit Protection Association, we champion a shrewdness in business and discourage complacency. Our credit monitoring service is a major selling point for our Members, allowing them to sidestep major financial disaster. We provide our Members with comprehensive online credit reports, offering vital County Court Judgment data and credit ratings on millions of businesses across the UK.
With the British business landscape uncertain and unstable, it is imperative that businesses take control of their own financial future.