As the UK gears up for the upcoming general election on July 4th, businesses across the country are closely watching the political landscape. At Jamieson Law, we recently surveyed our clients to understand their concerns and priorities during this pivotal time. Here’s what they had to say:
Top priorities for the new government
- Access to finance
Our clients have made it clear that access to finance is their top priority. Over a third (35%) of UK SME leaders believe that ensuring better access to finance should be the top priority for the government in the first six months post-election. This reflects the ongoing challenges that many small and scaling businesses face in obtaining the necessary capital to grow and thrive. Whether that be through investment funding or access to debt or grant funding, according to the British Chamber of Commerce, 70 per cent of businesses surveys have not accessed finance from an external provider in the past twelve months. With inflation rates and the cost of living crisis still being carefully watched, these areas materially impact cash flow and limit business growth opportunities.
- Regulatory reform
Following closely behind, regulatory reform is another critical area where our clients seek change. Simplifying and streamlining regulations can significantly reduce the burden on businesses, allowing them to operate more efficiently and with greater confidence. In the last 6 months there was the implementation of a new investment regulations quickly followed by a government U-Turn which would have excluded thousands of individuals from investing in UK businesses. This instability causes concern and reduces confidence in business owners and investors alike.
- Labour market changes
Changes to the labour market also rank highly among our clients’ concerns. With ongoing shifts in the workforce landscape, businesses are looking for policies that support flexible working arrangements, skill development, and fair labour practices. This marries up closely with our clients who want the next UK government to prioritise training and development programmes.
Desired government support
We also inquired about the types of government support or interventions that would be most beneficial during this period of economic change. Here’s what our clients highlighted:
– Financial grants and tax incentives: Equal importance was placed on financial grants and tax incentives. These measures can provide immediate relief and support long-term growth.
– Training and development programs: Investing in the workforce through training and development programs is seen as crucial for fostering innovation and competitiveness.
– Reduction in red tape: While still important, reducing red tape and bureaucratic hurdles was slightly lower on the priority list compared to other forms of support.
– Incentives for investors: Encouraging investment through targeted incentives also remains a significant, though lesser, priority.
Wider Industry Insights
Our findings align with broader industry insights. According to a recent article on Yahoo Finance, small business support leaders have named access to finance, taxes, and sustainability support as some of their core areas of hope for pro-business policies ahead of the general election. The article highlights the political uncertainty that remains heightened within the entrepreneurial community. A survey from retail banking group Shawbrook suggested that 51% of small business leaders have “expressed apprehension” over the general election, with half saying political uncertainty was a “major concern” .
We saw similar results when we asked our own community, only 25% of respondents felt that the outcome would have a positive effect. The remaining 75% were either unsure or neutral.
Our commitment
At Jamieson Law, we are committed to supporting our clients through these uncertain times. We understand the importance of having a reliable legal partner to navigate the complexities of regulatory changes and economic shifts. Our team is here to provide the expert advice and pragmatic solutions you need to continue growing your business.
Jamieson Law specialises in supporting scaling businesses in the UK. To ensure your business is set up well, book a free 15-minute discovery call with us. Let’s navigate these changes together and protect your business whatever the following months bring.
Stay tuned for more insights and updates as we continue to monitor the developments leading up to the election. Together, we can ensure that your business is prepared for whatever the future holds.
