Autumn Statement 2016: Majority of small businesses don’t trust chancellor
With less than 24 hours to go until Hammond reveals his plans for the UK economy, some 20% of small firms want Osborne back in charge....
Ahead of tomorrow’s Autumn Statement, a new poll has revealed that the majority of the UK’s small and medium enterprises are undecided about chancellor of the exchequer Philip Hammond and many don’t trust him.
Surveying 505 senior decision makers in small and medium enterprises across the UK, Lansons found that only 27% actually trust Hammond to “handle the economy” while 20% said they had more trust in former chancellor George Osborne.
It’s suggested that this lack of trust is due to the nation’s unfamiliarity with Hammond as chancellor – 57% of the business decision makers polled said they were not familiar with him “in any way”.
While small businesses might not be clear as to who the chancellor is, the survey reported clear indicators of the issues small firms want the chancellor to tackle in the Autumn Startement.
36% small business decision makers said they wanted an increase in the income tax personal allowance, 35% want medium term economic market certainty, and 22% are hoping to see cuts to fuel duty.
Find out what other key issues UK business owners want the chancellor to address here
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James Dowling, head of public policy at Lansons, commented:
“Our country’s small businesses are looking for a lead, yet 57% of them say they are unfamiliar with the chancellor – the man charged with steering the economy. The Autumn Statement is an opportunity to change this. If he is to succeed, Hammond needs to use it dramatically to build his profile and confidence among small and medium enterprises.”