SME view on upcoming budget
SME view on upcoming budget- A summary of a national poll carried out to UK SMEs
This month the Government is publishing its second budget. Touch Local carried out a poll amongst a sample of UK SMEs registered on our directory to find out if small business owners are confident that the Chancellor will set up plans to help the economy grow.
As a small business owner do you think the forthcoming budget will set up plans to help the economy grow?
Yes: 217 (24%)
No: 475 (53%)
Dont Know: 212 (23%)
*Total responses: 904
The businesses who took the survey are all listed on http://touchlocal.com
More than half of small business respondents (53%) are not confident in the upcoming budget announcement and the Governments ability to drive the economy forward. Many of these business owners believe that the increase in VAT and the proposed Interest rate rise will harm the spending power of the country and leave people with less money to spend and little room in which to manoeuvre. Others believe that the Government have largely disregarded small businesses, and are not confident that the new budget will propose anything to the contrary. Less than a quarter of respondents (24%) are optimistic in the upcoming budget, with the view that the new Government is making the right strides to reinvigorate the economy. 23% of respondents were unsure whether the forthcoming budget will set up plans to help the economy grow.
Some of the comments from the respondents:
It's difficult to see such a cut-back focus helping growth in the economy and therefore I'm not optimistic of good news in the budget for small businesses.
With so many cut backs, it is difficult to make the economy grow!
The constant change of tack breeds uncertainty. You are doing nothing to promote growth, investment, confidence and as a government lack the vision and resource to get us out of this.
Not helping small business at all!
You have to believe
Lower taxation and government expenditure
The tax on banks is a joke why not tax them the same amount as they pay in bonuses. Interest rates are at a record low try telling the banks this when trying to get a loan
The rate of interest should remain low and the Government should lobby the Bank of England to ensure that it does. The current factors that are causing the inflation rate to rise are individual items and not a trend.
I believe Osborne knows the importance of small business and the importance of getting rid of red tape and get banks lending. However what he does still depends on big business, the markets and the 'ruling classes'. The danger is he will make great headline attracting statements, yet noting will come of them. If that happens then the country is sunk.