UK SMEs share concerns on EU trade ahead of referendum

By Michelle Yeomans

- Last updated on GMT

UK SMEs share concerns on EU trade ahead of referendum

Related tags United kingdom

As the EU Referendum draws closer, many UK small and medium-sized cosmetics company owners are still unclear as to how leaving or staying in the EU will affect their businesses. 

SMEs account for over 99% of British businesses and over 60% of all private sector employment in the UK.

Small and medium-sized enterprises are also the backbone of Europe's economy, representing 99 per cent of all businesses on the continent.

While some SMEs are still pondering which way to cast their vote on June 23rd, others are calling for the British government to take back charge of ‘key policy areas’ as these businesses are particularly affected by the red tape.

SMEs dissastisfied EU employment laws

In a ‘Business for Britain’​ report, the majority of 601 SME leaders from various industries polled in 2015, expressed their dissatisfaction with EU employment law, working qualifications and health and safety regulations.

“By 74 to 22 per cent, British SME leaders believe that the British government should handle international trade deals, not the EU. By 69 per cent to 25, SME leaders think that the UK can trade and co-operate with the EU without giving away powers,”​ it stated.

However, 40% to 22% of SME leaders believe that immigration from other EU countries has had a positive impact on their businesses.

Those in favour of remaining in the EU say membership gives the UK extra weight in international trade negotiations.

Meanwhile, idealists are calling for a deal where Britain keeps free trade with the Union without having to adopt any EU laws.

Current state of UK cosmetics market

Mintel’s estimate for the value of the UK beauty and personal care market in 2015 is £16.88bn, which represents a fall of 0.2 per cent compared to 2014, and also represents the first fall in the market since the company's Lifestyle reports were first published.

Affluent Brits are changing their spending patterns in favour of travel, gourmet dining and upmarket wines, a spending pattern that also underlines the two-track economic evolution and recovery.

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