Smith & Williamson Enterprise Index

Lack of Skilled Workers and Changing Regulation ‘Hindering’ Small Firms

Lack of Skilled Workers and Changing Regulation ‘Hindering’ Small Firms

Some 58% of UK small business owners have claimed a lack of skilled workers and constant alterations to tax and regulatory requirements have added ‘significant pressures’ to their business, in the latest report by the Smith & Williamson Enterprise Index. The survey of 159 small businesses found, that while 74% of those surveyed were planning for growth, an increasing number of small firms are failing to keep up to date with current regulation. 66% of respondents said they believe there is a skills shortage among young workers, particularly in STEM subjects, while less than half of business owners said there was sufficient talent available to fill vacant positions. More worryingly, expectations for growth among business have also fallen 9% – the Index cited the EU referendum and g... »