According to research carried out by Bibby Financial services, 60 percent of businesses in the UK believe the right support to encourage growth of the economy isn’t being provided by the government. Of the 1000 businesses which were consulted during the study, only eight percent think the government have implemented sufficient measures to prevent a double-dip recession in 2012.
The report has revealed that 40 percent of businesses surveyed would like to see VAT reduced by 2.5 percent next year, which would be a huge benefit to Small and Medium Enterprises. Nearly a third of respondents believe that scrapping the 50p tax rate will improve conditions for trading. Over a quarter of respondents, 26 percent, think that enforcing banks to give easier access to small business funding would provide greater support to companies.
According to the UK chief executive of Bibby Financial Services, Edward Rimmer real concerns have been highlighted by the survey results, about support for businesses and the state of the economy as businesses look towards 2012. Rimmer stated that the government taking action on issues which affect businesses most, like tax would have a tangible effect. He said:
“Our research is the biggest survey we have undertaken this year to gauge the mood of small and medium-sized business owners after a very difficult 12 months. And looking ahead to next year it is clear there is great uncertainty among the business community as well as a lack of faith in government plans to take the economy forward.”
A number of business owners who took part in the survey, said that information about funding was minimal and micro companies and sole traders are among the worst affected.
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