The number of small and medium-sized enterprises (SMEs) asking the government to act decisively and provide greater levels of support to UK businesses has more than doubled in the space of a year, according to the latest research from invoice finance firm, Bibby Financial Services.
The research showed that 13% of small and medium-sized enterprises would like more access to government support. This has more than doubled from 2010, shortly before the general wlection, when only 6% of small firms were calling for more support.
When asked what the government could do to help businesses, a reduction in VAT from its current 20% to 17.5% was top of the list of SME demands. 33% said they were looking to the government to take action on VAT as a matter of urgency. This is up on the same point in 2010 when just 13% of SMEs were calling for a reduction in VAT.
SMEs are also urging the government to loosen lending criteria with 17% stating that access to greater credit availability would help firms survive and grow. Meanwhile, 15% of are calling for the interest rate to remain unchanged at their current emergency level of 0.5%, where it has stayed since March 2009.
Edward Rimmer, UK chief executive of Bibby Financial Services, said: “It is clear from our research that SMEs are feeling somewhat marginalised by the government and would like to see David Cameron and his ministers do more to address their specific needs.