March 2016
Featured in this insight: Business & enterprise, Financial services
Survey reveals small businesses were disappointed with 2015’s budget: According to a recent survey by business finance firm, MarketInvoice, the measures adopted as a result of the budget of 2015 had an insignificant effect on small businesses.
The survey gathered the responses of approximately 1,000 small to medium sized businesses and revealed that more than 1 in 3 (36.5 per cent) said that they had experienced increased fortunes on the back of last year’s budget, released by George Osborne.
The research also uncovered that 37 per cent believed that the initiatives had no effect on their business at all. Whilst 6 per cent of the respondents said that their company had improved significantly, just 9 per cent said that they felt George Osborne had done enough for small businesses in the United Kingdom.
Of the measures introduced, the respondents said the one with the least impact was the promise to establish new enterprise areas and setting the annual investment allowance to £200,000.
On the other hand, the pledges which were believed to have the most impact was the introduction of the national living wage, cited by 27 per cent. Following this was the changes to pension schemes (25 per cent).
Of the respondents, less than 40 per cent said that the impact of last year’s budget was positive.
CEO of MarketInvoice, Anil Stocker, said of the market research findings:
“One year on, and it looks like last year’s budget missed the mark. Given small businesses represent such a large proportion of our economy it is concerning that the government’s has found it so difficult to create a better environment for them to grow.”
View more of our sector specific insights: Business & enterprise, Financial services
