The UK's 5.5 million small businesses are under significant financial strain due to rising costs, reduced business rates relief, and high inflation rates. Over 18% of these businesses risk permanent closure if conditions do not improve, impacting almost a million firms. A survey highlighted that many small business owners, hopeful for government support, prioritize reducing tax burdens and call for simpler tax processes. Confidence in the UK economy among SMEs has declined sharply, with half predicting worsening conditions compared to the previous year, highlighting the urgent need for supportive measures.
According to Simply Business, rising prices and fluctuating consumer demand put mounting financial pressure on the UK's 5.5 million small businesses, leading to fears of permanent closures.
Survey results show that one in five small business owners are worried about potentially closing down permanently, underlining the critical situation faced by SMEs.
The SME Insights Report reveals that 27% of small businesses believe the government should simplify tax processes, and 24% are in favor of reversing National Insurance increases.
Confidence among SMEs in the UK economy has significantly dropped, with 50% predicting a worsening economic situation compared to just over a quarter feeling that way a year prior.
Collection
[
|
...
]