Open Letter: Chancellor Urged to Support SMEs
By Douglas Grant, Group CEO of Manx Financial Group
Dear Chancellor Reeves, as you prepare for your Autumn Budget Statement on 26th November, we urge you to prioritize the vitality of Britain's small and medium-sized enterprises (SMEs) in your economic agenda.
Recent research reveals a concerning situation: nearly a third (30%) of UK SMEs have had to pause or halt parts of their business due to funding shortages, and one in ten could not access external finance despite seeking funds.
However, growth expectations have increased significantly over the past year, from 25% to 38%, and SMEs believe they could expand by up to 13% in the next 12 months with adequate support.
With adequate support, SMEs could expand by up to 13% in the next 12 months.
Author's summary: Chancellor urged to support SMEs in Autumn Budget.