- Senior decision-makers at 90% of small and medium-sized enterprises (SMEs) plan to vote in June’s snap General Election, despite forecasts of a low voter turnout;
- 32% of SMEs in the UK believe the upcoming General Election will have a positive impact on their business over the coming months;
- 39% of SMEs believe that their confidence in the how the economy is run will increase over the next 12 months.
Senior decision-makers at nine in ten (90%) small and medium-sized enterprises (SMEs) – representing almost 5 million* firms in the UK with under 250 employees – plan to vote in June’s snap General Election, despite voter turnout predicted to be low across the UK, according to new research from Aldermore, the specialist bank.
The Aldermore SME Future Attitudes report, which surveyed over a thousand senior business decision-makers across the UK, found that two fifths (40%) of SMEs in the UK expect the upcoming General Election to have no impact at all on their business. A third (32%) believe the upcoming General Election will have a positive or very positive effect on their business, compared with 15% who thought it would have a negative impact.
Furthermore, two fifths (39%) of UK SME leaders expect their confidence in how the economy is run to increase over the next 12 months when they consider the outcome of the General Election, with over one ten (11%) believing it will increase significantly. This is compared to less than a fifth (19%) of SME decision-makers who believe their confidence will decrease.
When asked what they would most like to see from the new Government after the General Election, simplification of tax and financial account submission processes was the most popular choice amongst small business leaders’ (33%). This was followed closely by cutting red tape and bureaucracy for small businesses (30%) and providing support to ensure continued economic growth (22%).
Carl D’Ammassa, Group Managing Director, Business Finance at Aldermore, said: “Our research shows that the political parties shouldn’t underestimate the importance of the small business vote on 8th June. In general, voter turnout is expected to be low, so it makes sense for the parties to appeal to SME owners, the drivers of economic growth, who are by and large determined to cast their votes.
“As a lender focused on supporting SMEs of all shapes and sizes, we are obviously keen that the new Government creates the conditions that SMEs need to thrive. Given the significant contribution to the UK economy made by SMEs, such support will be particularly important as the country makes its preparations to leave the EU.”
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Notes to Editors:
Research conducted by Opinium Research between 28th April and 8th May 2017 with a nationally representative sample size of 1,003 senior decision makers in SMEs.
*4.95m SMEs figure – calculated using Federation of Small Business statistics that say the UK has 5.5m SMEs (2016 figures). Aldermore Future Attitudes research showed that 90% of SMEs have missed a new opportunity in the last year due to lack of available finance. 90% of 5.5m = 4.95m
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