SMEs have their say on what they now expect from the Chancellor

With many businesses still reeling from recent government policies, such as the increase to National Insurance (NI) contributions, Reward Funding has conducted new research amongst a panel of SMEs to uncover one thing they would like the Chancellor to now do.

Nick Smith, Group Managing Director for Reward, commented: “Speaking to the panel provided a great insight into the main pain points SMEs are facing and what they would like the Chancellor to now implement to drive growth. Many were keen for Rachel Reeves to reverse the inheritance tax amendments and NI increases, whilst lowering business running costs and reducing corporation tax. One business said that they would like her introduce a national SME Growth Fund with quicker, more flexible access to capital, ringfenced for businesses that commit to local employment, sustainability and innovation. Many felt the current business climate was too uncertain and more should be done to attract inward investment for SMEs, by providing incentives for investors, such as tax breaks, investment schemes and venture capital support. With SMEs being the lifeblood of the UK economy, there’s clearly a lot for the Chancellor to get her teeth into in the coming weeks and months.”