Research carried out by Prism Solutions has suggested that UK small and medium-sized enterprises (SMEs) are bracing themselves for a ‘tough few months’ ahead.
Prism Solutions’ survey of more than 500 SMEs found that over three quarters believe fiscal and political instability affected their business’s profitability during 2023.
UK small firms desperately need a period of stability in order to expand, according to the research, but with an unsteady economy and uncertain policy, many businesses could be in for tumultuous months.
Commenting on the matter, David Bharier, Head of Research at the British Chambers of Commerce (BCC), said: ‘The UK economy remains one of the most sophisticated globally, but it’s difficult to see where further expansion will come from with high inflation, elevated interest rates, policy uncertainty, and barriers to EU trade all preventing many SMEs from making longer-term plans.’
04/04/2024
View all >
26/04/2024
HMRC launches MTD for Income Tax pilot
HMRC’s pilot scheme for Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) launched on 22 April.
READ MORE
Business price pressures persist
Business price pressures persist despite the UK’s inflation rate falling to its lowest level since September 202
Small firms confused over import rules
The government has been accused of heaping confusion on small firms before new import rules on plant and food products are introduced, according to the Federation of Small Businesses (FSB).
Sign up to keep in touch to receive our latest news and industry updates.
* *
Yes, I would like to receive email updates providing me with the latest finance news, advice guides and details of future events.