"Despite this renewed confidence, many SMEs are still facing the same barriers they faced at last years' Budget and are calling on the Government to unlock productivity in this month's Budget. Top of the list is help with high energy costs (40%), rising to over half (54%) for medium-sized firms. Meanwhile, a third (34%) want more tax incentives for innovation and investment, highlighting areas of policy change that could help fuel business productivity and future growth."
"With two-thirds (68%) saying the upcoming Budget will have a significant or fundamental impact on their growth plans, pressure is ramping up for the 26th November announcement. Mike Randall, CEO, Simply Asset Finance said, "It's incredibly encouraging that SMEs are showing a clear appetite to invest and grow. But there is continued frustration at the lack of support with ever rising costs and the same barriers blocking their path forward. "Energy costs remain the biggest drag"
49% of UK SME decision makers are positive about the year ahead, up from 43% a year earlier. Nearly one in five businesses (19%) are 'really excited' about growth prospects, more than double 2024's 8%. SMEs continue to face persistent barriers including high energy costs (40%, 54% for medium firms), a stagnant economy (46%), high inflation (39%), and high interest rates (30%). One-third (34%) want more tax incentives for innovation and investment, calls for corporation tax cuts rose to 36%, and 26% prioritise government-backed loans. 68% say the Autumn Budget will significantly affect growth plans.
Read at London Business News | Londonlovesbusiness.com
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