Brexit is Failing British SMEs

By:

Chase Raz

July 31, 2017

A few months ago, we commented on Canada's extremely limited trial of a basic income.  While we're still watching that progressive experiment unfold over time, recent mental distractions have turned our attention towards the United Kingdom where the economy isn't looking so great.  One of the largest culprits?  The economic and social conservativism (possibly isolationism?) that led to Brexit.

For news on the issue, you can check out Business Insider reporting that 330,000 British businesses, mostly SMEs, are in danger of failing in the immediate term; or Financial Times showing—in graphical form—that Brexit hasn't been good for the UK economy save for a slight down-tick in unemployment (even that has been marred in decreased wages, however).  There are also stories about Brexit negatively impacting the German economy, which is the strongest in Europe.

Our concerns, and admitted motivations, are much more honed in on the ability to implement economic policy that allows small and medium sized businesses to thrive.  SMEs are a source of the free market competition which is critical for both the European and American economies.  They are also a leading source of process improvement and innovative disruption.  Any policy that weakens the economic viability of business—for absolutely whatever reason, is counter intuitive and needs to be re-examined.

Now it's your turn.  Let's talk in the comments below.  Do you think isolationism (and nationalism, etc.) are accidentally or intentionally impeding business and technological progress?  What can, or should, be done to foster a more progressive spirit of global cooperation and innovation?