As the Spring Statement approaches, UK SMEs display strong growth ambitions, with 87% planning to invest this year. However, uncertainty around the upcoming statement leads almost half of these businesses to delay major decisions. Two-thirds anticipate sales growth, yet confidence is influenced by previous policy changes, particularly the rise in National Insurance contributions. External financing appears to encourage investment more than self-funding, highlighting differing comfort levels among SMEs regarding their financial situations as they await clearer economic signals from the government.
Derek Ryan, UK Managing Director at Bibby Financial Services, comments: "UK businesses are showing a clear appetite to invest, but many are taking a wait-and-see approach ahead of the Spring Statement."
Almost half (48%) of SMEs are delaying major investment decisions until after the Chancellor's speech, and 63 percent say a lower interest rate environment would help their confidence to invest.
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