"With the Autumn Budget approaching, new research from Simply Asset Finance reveals that smaller businesses are increasingly worried about the pro-business credentials of the Government. Almost half (46%) of smaller SMEs say they're not confident that the Government will drive a 'pro-business' agenda compared to only 22% of medium sized businesses. Notably, the research reveals that much of the goodwill that had been granted to the new Government early in its tenure has ebbed away."
"All this culminates in smaller businesses being less than half as likely to be excited about the year ahead than more medium sized ones - 17% vs 39%. In order to develop meaningful, impactful, and welcome policy, it is important to first understand the pressures these smaller businesses are facing. Twelve months ago, in the run-up to the 2024 budget, the key threats to smaller businesses were high interest rates (42%), a stagnant UK economy (37%), and high levels of inflation costs (34%)."
Smaller SMEs have become notably less confident that the Government will pursue a pro-business agenda, with 46% expressing doubt versus 22% of medium-sized firms. Confidence among larger medium firms has increased from 58% to 65%. Smaller businesses report far lower optimism for the year ahead (17% excited) compared with medium firms (39%). Threat perceptions among smaller businesses have shifted to a stagnant UK economy (48%), high inflation (45%), and high interest rates (38%). Demand for tax incentives for innovation and investment among smaller firms has risen, reaching about 45% from 36% previously. Restoring targeted support could materially affect smaller business prospects.
Read at London Business News | Londonlovesbusiness.com
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