Aberdeen South MP Callum McCaig has urged the UK Government to introduce protections for small and medium-sized enterprises (SMEs) during Brexit negotiations to avoid damage to ongoing or new financial disputes.
Mr McCaig, the SNP Westminster spokesperson for business, energy, and industrial strategy, spoke in the House of Commons on the issue earlier this month and has since written to the chancellor to set out a case for a commercial financial dispute resolution platform for SMEs.
He has also warned that as Brexit talks loom and greater stress is put on financial systems, pre-recession bad practices of the banking and investment sectors may return.
Mr McCaig said: “Large conglomerates have the ability to go toe-to-toe with banks because they can match or beat them on legal staff and litigation specialists.
“Small and medium-sized businesses rarely have that opportunity.
“SMEs could be left to fall by the wayside if the UK Government chooses to continue prioritising large corporations during negotiations.
“We need to implement better protections for SMEs to prevent damage before there is an opportunity to inflict it.”
