What Small Business Owners and Professionals Want from the Next UK Government Ahead of the July 4, 2024 General Election
The UK General Election on July 4, 2024, presents a critical opportunity for small business owners and professionals to voice their needs and expectations from the next government. Key issues such as cashflow, funding, and equitable support across regions are at the forefront of their concerns.
Cashflow and Funding
One of the most pressing issues for small businesses is cashflow and access to funding. Mike Randall, CEO of Simply Asset Finance, highlights the significance of the “Growth Guarantee Scheme” announced in the Chancellor’s budget in March. While the scheme builds on the success of the Recovery Loan Scheme (RLS), which provided SMEs with £5.3 billion to date, its temporary nature—ending in March 2026—poses a challenge.
Randall emphasizes the need for a long-term industrial strategy that transcends political affiliations and prioritizes small businesses, which constitute 99.9% of the UK business population. He advocates for measures that tackle unpaid invoices and simplify access to public contracts, providing SMEs with greater certainty and future planning capabilities.
Regional Disparities in Business Support
Addressing regional disparities in business support is another critical area of focus. Small business owners hope the next government will implement policies that ensure equitable support across all regions of the UK. By doing so, businesses nationwide can maximize their potential and contribute to a balanced economic growth.
Expert Insights
Small Business hears from industry experts on these pivotal issues. They stress the importance of sustained financial support, streamlined processes for public contracts, and comprehensive strategies that consider the diverse needs of SMEs. These insights highlight the collective call for a government that understands and addresses the unique challenges faced by small businesses.
As the general election approaches, small business owners and professionals eagerly anticipate detailed plans from all political parties, aiming for a future where SMEs can thrive and drive the UK economy forward.