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BREXIT, COVID-19 AND ITS IMPACT ON SMALL BUSINESSES

With the new year, brings a new challenge

When 51.9% of the UK population voted in favour of leaving the European Union (EU) in 2016, the implications of Brexit were unknown with much speculation on what would happen to the UK economy.  

Five years later, the UK has now left the EU single market, customs union and VAT area. From 1 January 2021, the UK-EU Trade and Co-operation Agreement (TCA) now governs trade with the EU, currently the UK’s nearest and biggest trading partner.

It may feel that everybody’s focus is now on recovery from the economic impact of Covid -19, and there is currently little discussion on our current or future trading relationships and the businesses environment post -transition. However, all businesses will need to adapt to the new arrangements and, as new markets open up, they may need change their business model and source new information. We know that small businesses can find this particularly difficult and want assistance.

 To help Black businesses, we had a ‘your questions answered’ session in partnership with the Department for Business, Energy and Industrial Strategy (BEIS). 

This event is part of the Enterprise Academy.

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Melanie Eusebe
Chair and Co-founder
The Black British Business Awards 
 
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Paul Scully MP
Parliamentary Under Secretary of State
Department for Business, Energy and Industrial Strategy

 During the session, we answered your questions on...

What is the UK-EU Trade and Co-operation Agreement?

How does it affect my business and Black-owned businesses as a whole?

What is the government doing to support small businesses hit by the pandemic?

Is there financial support available and what is the criteria and/or application process?

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