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New Data Shows Low Confidence in UK Political Parties among Small and Medium-Sized Businesses

A recent survey conducted by Liverpool-based commercial finance specialist Bibby Financial Services (BFS) reveals that small and medium-sized businesses (SMEs) in the UK have low confidence in political parties. Shockingly, 22% of these businesses cannot even identify the political party that best serves their needs.

However, the survey highlights a clear shift in favor of the Labour Party, with 33% of SMEs stating that it best serves their needs. In contrast, only 26% chose the Conservative Party, which is currently holding its conference in Manchester. This shift is particularly noteworthy as the Labour Party is set to meet in Liverpool next week.

Looking ahead to the likely General Election in 2024, the survey identifies key concerns for SMEs. The most critical issues are economic growth and job creation, rated as the top priority by 71% of businesses. This is closely followed by tax policies and incentives (68%) and access to affordable financing and loans (46%).

When asked about specific measures or reforms they would like to see from the next government, SMEs expressed a desire for tax incentives (65%) and access to low-interest loans or grants for business expansion and job creation (57%). Furthermore, business owners hope for streamlined and simplified regulatory processes to help navigate compliance requirements, particularly in the post-Brexit era (29%).

Commenting on the survey results, Theo Chatha, the Chief Financial Officer at Bibby Financial Services, highlights that SMEs have faced numerous challenges since the last General Election. From high inflation and escalating interest rates to supply chain shortages, these businesses have experienced difficulties. Consequently, confidence in central government to effectively manage the economy is low. The survey results indicate that politicians, in general, have left SMEs feeling abandoned.

Chatha emphasizes that SMEs are in need of policies and actions from the next government that truly reflect their value to the UK economy. This includes greater economic stability and certainty, a more favorable fiscal environment, and improved access to financial resources. These elements are crucial for SMEs to plan for growth and thrive. Chatha concludes by reiterating that all SMEs really require is a supportive framework, as their resilience and determination enable them to overcome various challenges.

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