Home Business News Majority of small businesses want a change of government

Majority of small businesses want a change of government

by LLB political Reporter
18th Jan 24 1:16 pm

With the Prime Minister Rishi Sunak expected to call an election this year, a new survey by Startups.co.uk reveals that most business owners would welcome a change in government.

In a survey of 546 UK small businesses, Startups found that 58% of business owners surveyed say a change in government in 2024 would have a positive impact on their business. Just 9% say it would have a negative impact.

74% of small and medium-sized enterprises (SMEs) in Scotland are most likely to think a change in government would have a positive impact. This is followed by Greater London at 67%.

SMEs battled numerous challenges in 2023, from soaring inflation to labour shortages. The survey also found that businesses are more likely to have survived (51%) than thrived (42%), making it no surprise many would welcome change.

From an industry perspective, technology and software companies are most eager for a change in government this year. 74% of firms in this sector say a change in power would be positive as a digital skills gap left many employers struggling to find job-ready talent last year.

The findings follow a slim Autumn Statement last November that left many business leaders calling for increased support for SMEs.

Entrepreneurs who are hungry for change may just get their wish. According to a poll released by YouGov this week, the Labour party could be heading for a 120-seat majority.

However, statistics from the SME community show that there is still time for the Tories to turn things around. 54% of company owners told Startups that business incentives would affect how they would vote this year.

Should the Chancellor be able to pass a generous Spring budget this March, with renewed access to capital and funding, the Conservative party could swing business leader votes back to blue in time for the election.

Richard Parris, Editor of Startups.co.uk said, “After some gruelling years of back-to-back crises, there’s a hunger for change among those running small to medium-sized businesses.

“It’s going to be a crucial election year ahead, and the startup and small business communities will be watching election manifestos closely for policies that can foster the next decade of innovation and growth.”

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