68% of bosses in small and medium sized businesses (SMEs), representing 3.74 million firms in the UK, do not believe that the Autumn Budget will properly address their concerns, with 20% of these businesses saying they are not confident it will do this at all, according to the latest Aldermore Future Attitudes report.
The study, which surveyed over a thousand business decision-makers across the UK, found that business owners are keen to see a number of announcements made during Phillip Hammond’s address.
These include:
| Announcement | Percentage of businesses |
| Government to invest more in UK businesses | 29% |
| Preparation for a ‘no deal’ Brexit to ease concerns | 26% |
| A business rate cut / rise in rate relief | 21% |
| Incentivisation for business growth | 18% |
With Brexit likely to feature heavily in the forthcoming Budget, the research found that 71% of SMEs want the government to provide more information and support to guide them through the transition period.
Carl D’Ammassa, group managing director, business finance at Aldermore, said: “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. SMEs are the backbone of the economy and it is vital they are given all the help possible given the current political and economic uncertainty.”
Despite the majority of businesses calling for more support, 24% of firms think Brexit will have a positive effect on their business overall, an increase on this time last year (19%). A similar amount (27%) believe Brexit will have a negative effect, around the same as a year ago (26%).
The report also reveals that 45% of business owners feel “happy” about leaving the EU, the same percentage as 12 months ago. A similar number of business owners said they were disappointed with the referendum result, with 43% feeling this, marginally down from the 44% in Q4 2016.
D’Ammassa added: “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. With this widespread uncertainty in mind, we urge all business leaders to spend time focusing on putting specific procedures in the place that will hopefully shield them from any and all negative outcomes that may come their way over the coming years.”