Research from the Federation of Small Businesses shows that more than a third (36 per cent) of small firms in the West Midlands believe that a no-deal scenario on 31 October will negatively impact them. Conversely, just 15 per cent believe that it will have a positive impact on their business.

The national picture paints a similar, worrying scene. Only around a fifth (21 per cent) of small firms that believe a no-deal scenario will negatively impact them have planned or are prepared for anticipated issues. Nearly-two thirds (63 per cent) don’t think they are able to plan.

For those that have prepared, it has come at a high price. They have incurred average costs of around £2,000 – this figure rising to £3,000 for those small businesses that export and import. Just less than one third (31 per cent) of prepared small businesses have stockpiled ahead of 31 October. A little more than one third (34 per cent) have reported temporary or permanent reductions in their profitability.

Given the number of small businesses that feel unable to take specific actions to prepare, we are calling for the Government to deliver an early budget to boost small business confidence and cash flow. Measures should include a temporary reduction in VAT, an uprating of the employment allowance, an expansion of HMRC time to pay arrangements and extending the two-year ‘retailers’ business rates discount of 33 per cent, to a wider range of smaller businesses.

Until we get clarity, small firms find themselves having to prepare for the cliff edge and make preparations for a no-deal Brexit.

The priority for Government – and politicians of every political persuasion – should be to to protect our nation’s business interests. After all, the livelihoods of individuals and communities across the UK depend upon a thriving, business-led economy.

So, deal or no deal . . . we need decisive action so that businesses can plan and adapt to the future.