Business development Praseeda Nair · 24 November 2017
Majority of small business owners favour Norway option? EU deal
Over half of small UK business owners are in favour of joining the European Free Trade Association?(EFTA), according to new survey findings, as support for the so-called Norway option? gains traction. After polling over 1, 200 entrepreneurs, Funding Circle found that EFTA membership had become a priority for small businesses. By joining EFTA, Britain would retain access to the European single market, via the European Economic Area (EEA), but would remain outside of the EU’s realm of influence. EFTA currently consists of four European nations Norway, Iceland, Liechenstein and Switzerland while the EEA includes all EU member states and EFTA members. The ease of exporting and importing were cited as the greatest benefits of EFTA membership (59 per cent). Other factors included the larger customer base (46 per cent) and lower trading tariffs (42 per cent). Only 15 per cent of respondents were opposed to joining the EEA. Revealed: The post-Brexit trade deals small business owners most want to see The UK initially left EFTA in 1972, but since the Brexit vote in 2016, membership has been touted as the least economically damaging option for Britain after it leaves the EU. However, EFTA members have no say over EU politics. Membership would require Britain to maintain its EU budget payments and also limit the government’s ability to curtail freedom of movement.
ABOUT THE EXPERTPraseeda Nair
Praseeda Nair is an impassioned advocate for women in leadership, and likes to profile business owners, advisors and experts in the field of entrepreneurship and management.