Only 40% of SMEs feel prioritised by current Government, finds Shawbrook

Only four in 10 (40%) small and medium enterprise (SME) owners feel that SMEs are a high priority to the current Government, research from Shawbrook has revealed.

The findings revealed that 42% of SMEs said the incoming NIC hikes are going to negatively impact them, while a third (33%) said that the Autumn Budget last year forced them to increase the price of their goods or services.

In addition, over a third of SME decision-makers backed tax breaks to support reinvestment (36%) and R&D (34%).

Skill shortages remained a significant concern, with 34% urging more skills programmes and 28% calling for Government action to attract overseas talent.

Regulatory burdens were also a major issue, with 31% of SMEs seeking a reduction in red tape – with nearly half (49%) supporting apprenticeship levy reforms.

54% welcomed the Corporation Tax freeze, and 50% endorsed the onging planning reforms.

Neil Rudge, chief banking officer, commercial at Shawbrook, said: “Our latest research highlights the key concerns facing SMEs in navigating the current economic landscape.

“There is a clear appetite for tax and skills development initiatives, and it’s encouraging to see that some Government measures – such as the freeze on corporation tax and apprenticeship levy reforms – are being positively received.