The Federation of Small Businesses (FSB) has submitted its first budget submission since the General Election, with the SME group calling for George Osborne to reduce the deficit, stimulate growth and back ambitious small businesses.
This call is being made despite FSB research finding that small firms have experienced record levels of revenue, with small business productivity growing year-on-year since the first quarter of 2014. Across the UK, productivity grew by 0.3 per cent.
The federation hopes to see the budget address small business concerns in key areas including skills shortages, reforming and simplifying the tax system, helping more businesses export and investing in the UK’s infrastructure.
‘‘The UK’s small businesses are reporting record high levels of confidence. Unemployment is continuing to drop, UK wage growth is at a four year high and there are encouraging indications that productivity is finally on the rise,’’ commented John Allan, national chairman for the FSB.
‘‘The Chancellor can demonstrate his pro-enterprise credentials by again backing small business to deliver the growth and jobs the economy needs. That effort must however begin with a continued focus on reducing the deficit that remains too high for comfort.’’
‘‘The Chancellor must therefore follow through with much-needed infrastructure development across the UK as a whole by enhancing transport links, improving broadband and investing in the Northern Powerhouse.’’