British SMEs are expressing their deep disappointment and feeling of being overlooked following the recent budget announcement. They claim that the Chancellor's policies appear to favor big companies over the backbone of the UK economy: small businesses.
Roan Lavery, CEO of FreeAgent, acknowledged some positive highlights, such as the reduction in national insurance and the increase in the VAT threshold. However, he pointed out that these measures fail to address critical issues facing SMEs, such as payment delays, tax complexity and long-term support. Lavery highlighted the urgent need for the Chancellor to take more substantive action to help SMEs struggling with the challenges exacerbated by the current economic climate.
Scott Dixon, managing director of The Flava People, raised concerns about the lack of policies designed to encourage SME growth. He highlighted that SMEs make up the vast majority of businesses in Britain, but government policy often appears to be skewed towards favoring larger companies. Dixon appreciated some positive changes in the budget, such as the increase in the VAT registration threshold, but urged further cuts in corporate tax or capital gains tax to provide meaningful support to SMEs.
Ben Hancock, Managing Director of Oscar Acoustics, welcomed the fuel duty freeze, but highlighted the ongoing challenges posed by rising energy and material costs. He stressed that SMEs are still struggling and that additional government support is crucial to tackle the financial pressures they face.
Richard Besant, director of Powdertech, described the budget as a mixed bag. While acknowledging some positive measures, Besant criticized the lack of substantive support for British businesses struggling with inflation and rising energy costs. He expressed concern about the continued uncertainty affecting investor confidence and called for stronger measures to support SMEs and boost economic growth.
The sentiments expressed by SME leaders reflect a deep sense of frustration and concern over the perceived neglect of small businesses in the budget. They underline the urgent need for the Government to implement targeted policies that provide meaningful support and promote resilience within the SME sector, ensuring its vital contribution to the UK economy is recognized and supported.
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