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Peer2Peer Finance News | December 17, 2017

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SMEs doubt Budget will meet their needs

SMEs doubt Budget will meet their needs
John Fitzsimons

AROUND two-thirds of small- and medium-sized enterprise (SME) bosses do not believe this week’s Budget will address their concerns.

That’s according to the latest Aldermore Future Attitudes study, which surveyed more than a thousand decision-makers at small and medium-sized businesses across the UK ahead of Wenesday’s fiscal event, to find out what they are most keen to hear from the chancellor.

Around 29 per cent of SME bosses said they wanted the government to invest more in UK businesses, while 21 per cent hope to hear there will be a business rate cut or an increase in rate relief, and 18 per cent want some form of incentivisation for business growth.

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Undoubtedly Brexit is playing a central role in the thoughts of SMEs, with over seven in 10 calling for the government to provide more information and support to guide them through the transition period.

However, they are split on what the effect of leaving the EU will be. 24 per cent of respondents said they think Brexit will have a positive impact on their business, an increase from 19 per cent at the same time last year. Conversely, 27 per cent think it will have a negative effect, a similar percentage to a a year ago (26 per cent).

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“This week’s Budget provides the perfect platform for the government to highlight its backing and support for the small business community in the UK,” said Carl D’Ammassa, group managing director of business finance at Aldermore.

“SMEs are the backbone of the economy and it is vital they are given all the help possible given the current political and economic uncertainty.

“Business owners are still unsure how Brexit negotiations will play out and it is not surprising their views and opinions are divided when it comes to the impact it will have on them.”

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