It is a time of political uncertainty as ever during a general election with all parties promising all things.
What do businesses want?
A survey by the Federation of Small Businesses (FSB) has revealed that 90% of small business owners are worried about a rise in business taxes under the next government, while 92% are concerned about the costs of employing people.
Additionally, 53% expressed concerns about small business energy costs over the next five years, and 61% are worried about inflation levels.
The survey also found that more than half of small business owners are open to changing their voting preference.
The FSB is calling on political parties to demonstrate their commitment to small businesses through a Small Business Act to protect them on issues such as late payment.
Some of these have been promised in party manifestos such as a pledge to tackle late payments and to reform business rates.
Meanwhile, S&P Global Market Intelligence reports that UK construction sector’s recovery gathered pace in May as it grew at the fastest rate for two years.
The Confederation of British Industry (CBI) also reports that UK economy is “picking up steam” as households start to feel better off. They have upgraded their GDP growth forecast for this year from 0.8% to 1% and for next year from 1.6% to 1.9%.
Whether any or all of this comes to pass remains to be seen but in the meantime businesses would be well advised to keep a tight control of their spending and cash flow.
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