SMEs want more support from Government
New research suggests that the vast majority of business decision makers believe that the Government should do more to support the nation’s small and medium-sized enterprises (SMEs).
The study, which comes just weeks before the Autumn Budget, found that almost half (45 per cent) of SMEs would like to see the Government reduce VAT and lower taxes for small businesses.
It also found that almost a third (29 per cent) would like to see a Brexit transition deal agreed with the European Union (EU) sooner rather than later.
Despite the concerns raised, however, the research found that business confidence remains robust among the nation’s SMEs.
The research, which was carried out by delivery firm CitySprint, found that more than three quarters (77 per cent) of SME decision makers felt more confident about their business and its future today than they did 12 months ago.
It also found that almost a third (32 per cent) of firms had managed to upscale their business development activities in the past 12 months, while a further 27 per cent had pumped money into new capital goods or technology.
Meanwhile, a further 27 per cent added that they had successfully managed to reduce their fixed and variable costs over the past year.
Patrick Gallagher, CEO at CitySprint, said that small businesses were “highly agile” and “deft at reinventing themselves” during difficult and uncertain times.