Despite claiming to make Britain ‘the best place in the world to start up, scale up and stay’, Chancellor Rachel Reeves has let down SMEs in Wednesday’s Autumn Budget.
The lack of targeted support will be a huge disappointment to the UK’s small and medium enterprises who are eager to invest in their companies.
Derek Ryan, UK Managing Director at Bibby Financial Services said, “Wednesday’s silence on specific SME support is hugely disappointing.
With 44% having delayed investment decisions until after the Budget, the absence of meaningful and targeted measures today will further hold back capital expenditure.
“This Budget offered little to ease the pressures SMEs are facing day in, day out.
Inflation and rising operating costs remain the most pressing challenge for two-thirds of SMEs, and without intervention to ease this burden, the Government risks stalling their ability to invest in jobs, innovation, and growth.
“SMEs are the beating heart of the UK economy, and today they needed a signal of confidence. Instead, while this Budget stopped short of harming SMEs, it also stopped short of helping them. For a Government that promised to champion small business growth in its Plan for Change, this is a missed opportunity.”
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