UK’s mid-sized businesses have called for targeted support in next week’s Autumn Budget as the majority reported feeling “overlooked” by government policy, according to research from Shawbrook.
The study showed that 78% of firms said policy favours start-ups or large corporates, leaving a “support gap” for medium-sized companies despite their role as major employers.
Four in five businesses (79%) said government support is difficult to access, and 18% said they do not know how to access it at all.
Even among those who have secured support, 61% needed external help to navigate the process.
The findings come as more than a third (35%) of leaders reported a negative economic outlook for the next 12 months.
SMEs’ top priorities for the Budget included help with energy bills (26%), support to access new markets (26%), increased business rate relief (25%), funding for digital transformation (25%) and greater access to finance through flexible funding schemes (24%).
Despite frustrations, sentiment remains cautiously positive: 72% of mid-sized firms said they trust the Government to support their growth over the next year, rising to 76% among businesses with 100 to 249 employees.
Neil Rudge, chief banking officer for commercial at Shawbrook, said: “Medium-sized businesses are the engine room of the UK economy, yet our research clearly shows a concerning consensus that they are being overlooked.
“There is a palpable ‘support gap’ where policy measures are missing the mark for this vital segment. It’s not just about introducing new schemes, but making existing support straightforward and more accessible.
“Mid-sized firms continue to hope that the Government will offer more support for them and their growth in the year ahead. In the upcoming Autumn Budget, it will be telling to see if these hopes are confirmed or dashed given how vital these firms are for UK economic prosperity.”
