That’s the conclusion of specialist accounting firm Accounts and Legal, ahead of the referendum on 23 June.
Chris Conway, director of the company, told City AM: “We do the accounting for several hundred small businesses in London, with more than half of them relying on a workforce that includes staff from across the EU.
“The consequences of the UK leaving the EU would be catastrophic for small businesses, including our own.”
Workplaces benefit from migrant workers
The warning comes as official data from the Office of National Statistics released yesterday (25 February) found that more than a quarter of a million people migrated to the UK from the EU between October 2014 and September 2015. Of the 257,000 who made the journey, many came to Britain for work.
Businesses that employ people from a range of cultural backgrounds benefited from greater innovation, better sharing of knowledge and a stronger skills base, the Department of Business, Innovation and Skills reported last year.