Partner Article

Autumn Statement 2012, from a SME perspective

We speak to small business owners on a daily basis, and many of them welcomed the measures outlined in George Osborne’s Autumn Statement on December 5. However, it is clear just from working with more than 10,000 SMEs in the UK alone, that doing business continues to be a struggle for them in the current economic climate.

Our customers welcomed the commitment shown by the Government to transform the way it supports SMEs, both with an extra £1bn of capital for the new business bank, as well as the temporary doubling of the Small Business Rate relief scheme.

It was also pleasing to see Mr Osborne take measures to revive Britain’s entrepreneurial spirit. The £1.5bn export finance facility and the increased capital allowances for plant and machinery will help small companies expand and create new jobs as well as driving the UK economy forward in the process.

However, in communicating with small businesses every day, we see their frustration at having red tape and regulations distract them from growing their businesses. On behalf of our customers and small businesses throughout the UK, it’s clear that the Government must still show commitment to finding meaningful ways to reduce red tape that is hindering SMEs ability to run their business, and to focus on meaningful regulation that supports their rapid growth.

Overall, we’re pleased with the measures outlined by the Chancellor this month. We hope they will provide much-needed support to SMEs, as well encourage budding entrepreneurs to start up businesses in the UK. As always though, the devil is in the detail, and we’ll be waiting to see whether Osborne’s proposed measures have an impact on the small business landscape, putting the UK back on the road to rapid growth. We strongly believe that a booming SME sector can help lead the UK out of recession.

This was posted in Bdaily's Members' News section by Annette Iafrate .