21 October 2024
Written By FinTech Alliance in FinTech
Research from Simply Asset Finance reveals that three-quarters of UK SMEs (74%) expect the upcoming budget to impact their future growth plans, with 31% saying the effect will be significant. In response to the current economic climate, many SMEs have raised prices, shifted to remote working, and outsourced services. However, a notable proportion remains optimistic about growth prospects, despite concerns over inflation, interest rates, and the stagnant economy. SMEs are calling for government support on issues like high energy costs, red tape reduction, and tax incentives for innovation.
– The upcoming budget is expected to significantly impact the growth plans of UK SMEs, with nearly a third (31%) seeing it as critical to their future. Only 15% believe it will have no effect.
– Rising inflation, high interest rates, and a stagnant UK economy are top concerns for SMEs. In response, 30% have raised prices, and others have shifted to remote work or paused investments in growth.
– SMEs want the government to address key issues such as high energy costs (33%), reducing red tape (28%), and offering more tax incentives for innovation (27%) to help foster growth and innovation.