BILLIONS of pounds in EU funding dedicated to supporting small firms must be replaced to avoid the risk of an economic slowdown post-Brexit, according to the latest Federation of Small Businesses report.
The FSB is calling on the new government to seize the opportunity presented by Brexit to reform England’s business support. Its proposals include creating a streamlined growth fund for England before Brexit completes.
FSB chairman Mike Cherry said: ‘Small businesses are staring into a business support black hole from 2021. This is a particularly pressing issue for the many small firms with growth ambitions and those in less economically-developed regions.
‘If the next government is serious about developing an industrial strategy that delivers prosperity, it must replace EU funding dedicated to small business support and access to finance after we leave the EU.’