New data commissioned by SME funder Bibby Financial Services (BFS) reveals a lack of confidence in political parties among UK small and medium-sized enterprises (SMEs). According to the survey, 22% of SMEs say they can’t identify a political party that serves their interests.
Interestingly, the data also shows a shift towards the Labour Party, with 33% of SMEs saying Labour best serves their needs compared to 26% for the Conservative Party.
Key issues for SMEs as they look towards next year’s General Election include economic growth and job creation (71%), tax policies and incentives (68%), and access to affordable financing (46%).
When asked about specific policies they’d like to see from the next Government, tax incentives were most popular at 65%, followed by access to low-interest loans or grants for business expansion and job creation at 57%.
Theo Chatha, chief financial officer at Bibby Financial Services, commented on the findings: “Since the last General Election, small businesses have faced myriad challenges, from sky-high inflation to spiralling interest rates and supply chain shortages. Despite the odds, they’ve survived through sheer grit and determination. But, unsurprisingly, confidence in central government to manage the economy effectively is low.”
Chatha added: “What they desperately want from whichever party wins the next General Election are policies and action that reflect that government’s genuine belief in the value that SMEs deliver to the UK economy overall. That means, greater economic stability and certainty, a more favourable fiscal environment and much better access to sources of finance, so they can properly plan for growth.”
The survey comes ahead of the Party Conference season and could be a key indicator of SME sentiment leading into the General Election next year.
