Chancellor has one shot to prove Labour was worth the SME vote – London Business News | Londonlovesbusiness.com

With trust in new government quickly fading, Simply Business warn that the Budget is the Chancellor’s only shot to win back this crucial community’s trust – with one in four SMEs fearing closure if conditions don’t improve.

A Simply Business survey of 1,750 owners ahead of the election revealed that 47% felt a change in Government away from the Conservatives would make them more hopeful about the future of their business, with Labour singled out as the party who best represented the interests of small businesses.

Bea Montoya, COO, Simply Business said, “The Budget on 30th October will be the clearest signal yet for whether the small business community’s  hope, trust – and vote – in the Labour Party was vindicated.

“The UK’s entrepreneurial spirit is unparalleled, but the worrying truth is many are on the brink. Our research shows that one in four SMEs fear closure if trading conditions do not improve. Small businesses are desperate to know that they’re being heard – with particularly urgent support needed around tax relief, regulatory simplification, and financial support.

“With our collective economic prosperity in the balance, we urge the Chancellor to create the conditions for small businesses to thrive, before it’s too late. We will all feel the benefit.”