SMEs in the UK want the government to prioritize improving the UK’s infrastructure ahead of other areas such as health, education, energy and innovation. This was one of the findings to come from the latest Close Brothers Business Barometer – a quarterly survey monitoring trends in the world of small and medium enterprises.
More than half of the firms questioned believed investing in infrastructure was the most vital component in boosting the economy.
David Thompson, CEO of Close Brothers Invoice Finance, said: “Ensuring the UK has a world-class infrastructure is a crucial part of the country’s long-term economic plan.
“I’m sure that many SMEs were heartened by the recent announcement of a new national infrastructure plan, outlining £375 billion of planned public and private sector investment. The proposal set out vital long-term investment for energy transport, flood defence, waste, water and communications infrastructure up to 2030 and beyond.”
Investing in long-term growth and prosperity
Besides being considered important for the overall economy, a quarter of SMEs also cited infrastructure improvements as an essential aspect for their own business growth.
Mr Thomson thinks putting money into the likes of advanced transport networks, energy supplies and superfast broadband will help companies and the economy as a whole excel in the years to come.
He said: “This expenditure will not only create jobs and stimulate the economy in the short term, but with upgraded networks in place, the UK will be better positioned to attract foreign investment and ensure long-term growth and prosperity.
“Many business owners will undoubtedly be excited by the prospect of this sizable investment from the government as it will give the economy the kick start that it needs.”