Over half of those surveyed stated that a reduction in business property rates would be the most important possible outcome from the Budget, with the money saved potentially freeing up vital liquidity fuelling both SME and overall economic growth.
Some 56.7% of respondents from the print and packaging sector stated this need to be the most pressing.
However, the second greatest ambition for those polled was to tackle the current industry skills shortage, with 38.5% of CFO/financial directors hoping for a formal announcement of plans to do so.
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SME firms (with an annual turnover of £501,000-1m) felt this matter to be particularly important with over a third (35.6%) feeling this to be the most pressing need.
Close Brothers believe that the results are strongly linked: reducing business rates – and therefore increasing useable capital – could provide the much-needed funds to introduce new skills to company employees.
This previously earmarked cash could also enable firms to offer apprenticeships, train current staff or seek out strategic new hires to achieve sustainable enterprise progression.
The Close Brothers business barometer is a quarterly survey of over 900 UK-based SMEs.
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