Small Businesses say Reducing Red Tape Should be Government’s Top Priority

Initiatives to tackle late payments, better access to finance and a freeze on business rates among small business owner’s wish list for Cameron

Small Businesses say Reducing Red Tape Should be Government’s Top Priority

Almost a third of small and medium businesses believe reductions to red tape and business regulations should be the new government’s top priority, according to latest Close Brothers Business Barometer (CBBB).

Other key measures business owners want from David Cameron includes initiative to resolve late payments (16% of those surveyed), a freeze on business rates (15%) and increased access to finance (14%).

The study, a quarterly survey of small and medium businesses owners, also revealed that small firms are optimistic about their business’ future. Two fifths said that trading conditions have improved and 38% plan to expand in the coming year.

CEO of Close Brothers Asset Finance (which conducted the survey), Mike Randall, commented:

“There was welcome news in the emergency budget that the annual investment allowance for small and medium enterprises will be permanently doubled, and that the rate of corporation tax will fall to 18% by 2020.

“Our survey asked small and medium sized business owners what the most important issue was for the government to tackle on their behalf, and the majority response across each English region was a reduction in administrative burdens, or ‘red tape’.”

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