A post-election survey has revealed a lack of confidence in the Conservatives honouring their manifesto promises to SMEs.
Conducted by business finance company Liberis, the study surveyed 1000 small and medium-sized businesses across the UK to gauge feelings following the majority win by the Tories in the General Election 2015.
The results showed that business owners are feeling more doubtful than confident about the future under a Conservative government. Only 26% of those surveyed felt confident, while 40% admitted to feeling less confident since the election result.
Aside from this, 38% of SMEs argued that the Conservative manifesto failed to adequately cover the key issues affecting smaller businesses, such as disadvantages faced by the self-employed over issues like building up pensions and accessing maternity pay. Only 34% were convinced by the pledges made.
Action needed on government promises to SMEs
Paul Mildenstein, Liberis CEO, said: “Despite a majority win, there’s still plenty of work needed to gain the confidence of small businesses.”
While Mr Mildenstein regarded Business Secretary Sajid Javid’s announcement about the new Enterprise Bill supporting smaller businesses as a step in the right direction, he wants to see these changes translated into actual action.
He added: “Last week’s announcement of a new Enterprise Bill is a welcome start, but small businesses will need to see the detail, a plan of action and a delivery timetable of all the support promised pre-election.”
Besides an overall indication of low business confidence, this survey explored specific elements affecting smaller businesses such as access to finance. Despite the Conservative’s promise to make it easier for SMEs to get funding, 44% of businesses surveyed were not convinced this help will actually materialise. This was compared to just 29% that felt confident about this promise being kept.
Are you feeling confident or doubtful about the future of your business under the Conservatives? Let us know your thoughts.