Small and medium-sized businesses across the UK are waiting for the upcoming Budget, which many believe will play a crucial role in their future growth.
According to a survey by Simply Asset Finance, 74% of SMEs say the budget will directly affect their plans, with nearly a third expecting a significant impact on their operations.
Economic pressures have forced some businesses to make difficult choices.
Around 30% of SMEs have raised prices, while 16% have moved to fully remote working or outsourced more services.
A further 16% have paused or cut investment in innovation and growth as they wait to see what support the government might offer.
Energy costs are at the top of the list of concerns, with 33% of businesses hoping the budget will provide relief.
Inflation, high interest rates, and a sluggish economy are also worrying many in the sector.
Nearly half of SMEs view the UK’s stagnant economy as their biggest challenge, and more than a third are concerned about ongoing inflation and borrowing costs.
