The recent change in UK government has led to increased financial strain on the country's 5.5 million small businesses, which employ 60% of the private sector workforce. Nearly 18% of these businesses fear permanent closure if economic conditions do not improve, with 25% indicating they will rely on personal savings. A survey reveals strong support for political priorities favoring SMEs, particularly in tax reduction and simplification. As economic confidence dwindles, 50% of small businesses foresee worsening conditions, prompting many to raise prices.
The first change of UK government in 14 years has led to significant financial pressure on 5.5 million small businesses, heavily impacting employment and turnover.
Eighteen percent of small businesses fear permanent closure if conditions do not improve, potentially resulting in nearly one million fewer businesses in the UK.
Survey results indicated that 81% of small business owners would support a political party prioritizing SME needs, with 25% emphasizing the importance of reducing the tax burden.
Fifty percent of small businesses anticipated worsening economic conditions, and 43% felt compelled to raise their prices due to increasing operational costs.
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