The measures introduced in last year’s budget had little impact on small businesses, a report has found.
A survey of 1,000 SMEs by business finance company MarketInvoice revealed that just over one third (36.5 per cent) of firms said they had experienced an upturn in fortunes following George Osborne’s 2015 budget.
Impact not positive
A similar proportion (37 per cent) said the initiatives had no impact on their business. And while 6 per cent said their business had ‘improved a lot’, just 9 per cent believed the Chancellor had done enough for UK small business.
The measures that were said to have had the least impact were Mr Osborne’s were his pledge to establish new enterprise zones and setting the annual investment allowance at £200,000.
Those that were believed to have the most impact were the introduction of the national living wage (27 per cent), and changes in pension schemes (25 per cent). Less than 40 per cent said the impact was positive.
Anil Stocker, CEO of MarketInvoice, said: “One year on, and it looks like last year’s budget missed the mark. Given small businesses represent such a large proportion of our economy it is concerning that the government’s has found it so difficult to create a better environment for them to grow.”