How COVID-19 and Brexit are affecting SMEs and advice on how they can power through this challenging time. Includes insight from Mastercard, Visa’s former CEO and the founders of Currensea the UK's best rated travel debit card.
Key report findings:
Brexit and COVID shutters international trade for 1.5m UK SMEs
25% halted international trade
25% of UK SMEs have halted international trade this year due to COVID-19, and an additional 6% because of Brexit
10% decrease in exports
While imports have remained static, exports from SMEs have decreased by around 10% which could cost the UK £20 billion in 2020
60% worry about increased costs
60% of UK SMEs note ‘increased costs’ as their main worry in a post-Brexit Britain
