BusinessCompany NewsSMEs miss out on single market benefits

SMEs miss out on single market benefits

Small and medium-sized businesses are struggling to break into the European Union common market because of red tape burdens, according to a report by the European Commission.

Link: SMEs to get help with euro

The report said ‘insurmountable problems’ faced SMEs, which wished to integrate their businesses into the EU, included competing legal and regulatory frameworks – this sector accounts for 70% of all businesses in Europe.

The result was that businesses and customers were losing the benefits of a wider range of better and cheaper services, and reduces job creation potential.

According to the report, the problem affects all service sectors where SMEs operate including consulting, employment, property and engineering. There were also knock-on effects from one sector to the other.

Partner at mid-tier firm PKF, Nick Winters, commenting on the report, said the ‘lack of a properly integrated market’ left businesses facing ‘different local laws and regulations’.

‘This adds to the cost of advice, leads to changes in business plans being necessary and delays planned expansions. This has significantly reduced the ability of and speed by which businesses are able to expand across the EU,’ he added.

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