86% of UK SMEs report having been affected by excessive red tape, according to our research. This was particularly true for larger SMEs, as the bigger the business the more likely they were to have suffered the effects of red tape.
Our quarterly Business Barometer revealed that 28% of SMEs hoped that the decision to leave the EU would result in less red tape. As Brexit trade negotiations continue, small businesses will be watching closely.
SMEs that import and export goods are likely to pay the closest attention as they are much more likely to be affected by red tape than other businesses. 91% of SMEs within the manufacturing sector and 91% of those in engineering reported having been affected by red tape and forced to face bureaucratic delays or trade tariffs.
To learn more on how red tape can affect UK SMEs read chapter 3 of our report: The Power of Productivity