Top 3 SME expectations from 2015 UK general election
What are the three top expectations that UK SMEs will be looking for after the results of the general election?
Ahead of the election, promises are already being made as political parties attempt to secure the support of small and medium-sized enterprises (SMEs) and the 50 per cent of the private sector that they employ.
The main difference in this year’s general election is that this time round, the UK’s small business community knows what it wants and has voiced its expectations for what the new government should bring.
So what is it that they will be looking for?
Cuts to rates
Consistent calls have been made by businesses for changes to the system that decides what tax rate a company receives. At the last autumn statement chancellor George Osborne promised to review the rates system, so a change could be on the cards if the Tories stay put.
However, the other parties have also either committed to cutting rates - like Labour - or promised a review - like the Lib Dems.
Cuts to red tape
According to the Conservatives, small businesses are disproportionately affected by regulation - which is the main reason why SMEs will be looking for a reduction in unnecessary regulations and paperwork.
The Conservatives have made claims that they will save £10 billion through cuts in red tape, and the Lib Dems and Labour will look to cut red tape and set up bodies to support SMEs.
Support development in regions
The amount of support available to SMEs is mainly focused around London, despite a large amount of innovation occurring in other entrepreneurial hubs. Small businesses outside of London are lacking in this respect and it’s not only hurting them, but the economy too.
Businesses will be looking for funding schemes and accelerator programs to be set up around the country, especially in established startup hubs like Manchester, Liverpool and Leeds.