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Fewer than three in ten SMEs are aware of the Government's Industrial Strategy

POSTED: 3rd April 2017
IN: Newsroom
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  • Fewer than three in ten (29%) UK small and medium-sized enterprises (SMEs) have heard about the Government’s new Industrial Strategy;
  • Of those who have heard of the Government’s Strategy, only two in five (38%) believe it will have an impact on their business;
  • A further third (36%) believe the Industrial Strategy won’t have any impact on their business.

The Aldermore SME Future Attitudes report has revealed an astonishing lack of awareness around the Government’s much-vaunted Industrial Strategy, with fewer than three in ten (29%) small and medium-sized enterprises (SMEs) claiming to have heard about it.

The report, which surveyed over a thousand senior SME decision makers in across the UK, revealed that of those who are aware of the strategy, less than a third (30%) are optimistic that it will prove effective, with only two in five (38%) believing it will have a positive impact on their business.

Of the SMEs who had heard of the Strategy, the most optimistic were medium-sized businesses with between 50 and 249 employees; 50% of this demographic stated they are optimistic about the strategy’s prospects, compared to just 18% of sole traders and 24% of firms employing up to nine people.

Elsewhere, the SME Future Attitudes report indicated that Britain’s SMEs believe the single most important outcome of the nation’s Industrial Strategy should be to drive growth across the whole country. A fifth (17%) of SMEs said that the Government should focus on this goal above all else, while 16% of respondents think that any strategy needs to lead on supporting businesses to launch and grow.

Carl D’Ammassa, Aldermore’s Group Managing Director, Business Finance, said:

“It is early days for the Government’s new Industrial Strategy, however it is a shame that the lofty ambitions for the Strategy are yet to translate into awareness. The Strategy was announced to much fanfare, however it appears that an opportunity has been missed in terms of the proper consultation with the people who know business better than anyone else: those individuals who run and manage their own businesses.

“To ensure the Industrial Strategy is a success, the Government needs to listen to SMEs and focus on the areas of greatest importance for them. From our experience, businesses are indicating a need for greater support particularly as they are looking to scale up, and a vital part of this is access to finance, which is something we at Aldermore prioritise, enabling the UK’s SMEs to get on with supporting and boosting the UK economy.”

**Ends**

For further information, journalists can contact:

Chantal Heckford, Lansons
Phone:            020 7294 3630
Email:             chantalh@lansons.com

Tom Pavey-Smith, Lansons
Phone:            020 7294 3606
Email:             thomasps@lansons.com

Notes to Editors:

Research conducted by Opinium Research between 13 and 21 February 2017 with a nationally representative sample size of 1,003 senior decision makers in SMEs.

For further information about Aldermore, please review our  Notes to Editors page

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