Will today’s Autumn Budget address key concerns of UK small business owners?
71% of entrepreneurs want government to do more to facilitate Brexit, yet only 32% believe Hammond will address this and other big business worries
Ahead of chancellor Philip Hammond’s Autumn Budget 2017 reveal at 12:30pm today, a new report has outlined worries from the country’s small business owners that the proposals will not address their key concerns.
The Aldermore Future Attitudes report, which surveyed 1,008 decision makers in start-ups and small 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 have urged Hammond to address the issue of providing greater support and more information from government ahead of Britain’s exit from the EU.
This was on the Autumn Budget wish-list of 71% of the small businesses surveyed.
The call for action on Brexit is due to fears over the implications it will have on enterprise. 27% of the small business leaders surveyed think Brexit will have a negative impact on their business overall, compared to the 24% who think Brexit will impact their business positively.
Alongside facilitating Brexit support, other major concerns small business owners want the chancellor to address in the Autumn Budget 2017 include:
- Greater investment in UK businesses by government (29% of small businesses have called for this)
- Preparation for a ‘no deal’ Brexit to ease anxieties (26%)
- A business rate cut or a rise in rate relief (21%)
- Greater incentives for business growth
The findings come nine months after the chancellor’s exchequer’s first (and last) spring Budget which was largely well received by the UK’s entrepreneur community.
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The spring Budget saw Hammond announce proposals to reform business rate relief, a reduction in corporation tax, and greater efforts to reduce the skills gap to help businesses source talent.
Aldermore’s group managing director of business finance, Carl D’Ammassa, 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.
“Business owners are still unsure how Brexit negotiations will play out and it is not surprising their views and opinions are divided when it comes to the impact it will have on them.”
What are your hopes, and fears, for the Autumn Budget 2017? Let us know in the comment box below or Tweet us at @startupstowers.