Small businesses are likely to be hit hardest by Brexit disruption – Telegraph.co.uk
In the event a local UK bank chooses not to establish a subsidiary in the EU27, or that a hard Brexit results in banks having to change their services for existing customers, developing a new banking relationship could be time-consuming, taking anywhere from six months to replicate what SMEs currently do in the UK.
Thirdly – and crucially given the above – 55pc of the SME participants who commented in the report admitted that they had made no plans so far for Brexit. Worryingly, the assumption from corporates – small and large – is that their banks will continue to provide financing and be there in the same guise. Some 44pc of the SMEs interviewed expect their banks to absorb any additional costs caused by Brexit.