21st November 2017.
Budget Creating SME Anxiety
Chancellor Philip Hammond’s Autumn Budget 2017 is revealed tomorrow, and a recent report has exposed some of the concerns held by small business owners on what Hammond will do to help the SME business landscape.
The Aldermore Future Attitudes report, which surveyed 1,008 small and medium businesses, found that 68% of bosses don’t believe the Autumn Budget will resolve their current business concerns and 20% aren’t ‘confident’ in Hammond at all.
The UK’s small business owners would most like Hammond to facilitate greater support and information from government ahead of Britain’s exit from the EU.
An impressive 27% of the small business leaders surveyed expect Brexit will have a negative impact on their business overall, and desire clarification from Hammond on what to expect.
Other points of concern are; Greater investment in UK businesses by government, preparation for a ‘no deal’ Brexit to ease anxieties, a business rate cut or a rise in rate relief, and greater incentives for business growth.
Carl D’Ammassa, managing director at Aldermore’s group of business finance, has highlighted that “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”:
“Small and medium-sized enterprises are the backbone of the economy and it is vital they are given all the help possible given the current political and economic uncertainty.
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