Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

SMEs growth opportunities at risk without government attention

by November 20, 2023
November 20, 2023
SMEs growth opportunities at risk without government attention

With interest rates likely high for the foreseeable future, SMEs are reassessing their outlook and trying to set a clear course for the future.

But according to research from Simply Asset Finance, the specialist business lending provider, significant gaps remain around the support on offer.

Around two-thirds of UK SMEs want more resources and support to be made available to support them and their businesses. What is particularly worrying is the existence of such a clear awareness gap – almost half of SMEs admit that they don’t know where to look to find support for their business.

It is clear that the support currently on offer needs an overhaul. With the Autumn Statement round the corner, attention is shifting to what SMEs in all regions of the UK need to help their business not just survive but thrive.

Taking the time to listen to the UK’s businesses, their priorities are clear. The top policy that would have the most meaningful impact on businesses is more support for rising energy bills and other utility costs. But additional financial support, specifically, better accessibility to government grants or loans as well as a reduction in corporation tax/corporate tax relief complete the top three.

Then, when asked what government can do to specifically support growth itself, it’s local investment – more investment to support regional project work. But tax incentives are deemed crucial too, whether it’s on regional project work, on regional hiring work (28%), or on regional R&D work.

Mike Randall, CEO at Simply Asset Finance, said: “SMEs up and down the country are ready to seize on growth opportunities and be the engine of the UK’s economic recovery. But significant action is required to keep UK business on the right track and ensure they’re in a position to seize them. The Autumn Statement offers a valuable chance for the government to properly and substantively demonstrate their support for UK business.

“A significant and cost-effective step would be to simply make it easier for SMEs to invest in asset purchases. Just being able to expense it could have a transformative impact on businesses across the country. But with the scale of the challenge ahead, an extension of the Recovery Loan Scheme or a replacement with similar underlying aims would provide SMEs with real certainty, as well as the confidence to invest in their future.

“But the role of an experienced financial partner is critical too. Lenders need to step up service and work much harder to find and share ways to support SMEs, including by providing much needed clarity on the range of funding options available to fuel growth, such as asset finance. The scale of the growth opportunity is significant but turning potential into reality will require industry and government to pull in the same direction.”

Read more:
SMEs growth opportunities at risk without government attention

0
FacebookTwitterGoogle +Pinterest
previous post
Formula One stars team up to allow public to buy shares in multi-million pound classic cars
next post
Netanyahu slams Palestinian Authority for denying that Hamas carried out massacre at Israeli music festival

You may also like

Thomas Flohr Offers One-of-a-Kind Wellness Program for VistaJet...

January 26, 2024

The Benefits of Hiring a Professional Lifting Service

March 29, 2024

UK’s largest pub group Stonegate struggles to refinance...

April 10, 2024

Family firms accuse Labour of dishonesty over tax...

September 25, 2024

Uber Drivers Offered Significant Discounts on Kia Electric...

May 20, 2024

5 Features Explained: How Does a PBX Phone...

January 8, 2025

HMRC reminds businesses about new VAT penalties and...

February 22, 2023

Banks Under Fire for Shortchanging Small Businesses

March 4, 2024

UK homes cancelled 2 million streaming services last...

January 30, 2023

What are the top benefits of using cloud-based...

February 8, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Friday Feature: Incubate Debate

      June 6, 2025
    • Risch urges ‘top to bottom’ USAID spending review after waste, fraud exposed

      June 6, 2025
    • Universities in Libertarian Land

      June 6, 2025
    • Elon Musk may speak to Trump aides in push to calm feud

      June 6, 2025
    • Everyone Talks About Leaving a Better Planet for Our Children: Why Don’t We Leave Better Children for Our Planet?

      June 6, 2025
    • MARK HALPERIN: Democrats try to construct a Frankenstein candidate while JD Vance gains momentum for 2028

      June 6, 2025

    Categories

    • Business (8,149)
    • Investing (2,013)
    • Politics (15,545)
    • Stocks (3,130)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved