According to a Bibby Financial Services report, just over a third of SMEs and policymakers agreed that politicians understood the needs of Britain’s smaller companies.This has led to UK SMEs submitting a personal manifesto to the new Conservative government, based off of a Bibby Financial Services poll that took place three days leading up to and following the general election. Simplifying the PAYE system was cited as the highest priority, followed by a commitment to remain in the EU. When it came to discussing the EU membership, medium-sized business leaders with revenue of over £5m found it to be a higher priority. David Postings, UK CEO of Bibby Financial Services, said: “It is clear that the question of EU membership is a key concern for UK plc. This is something the government will need to manage carefully as uncertainty will undoubtedly affect confidence and – ultimately – economic growth. How the UK’s relationship with the EU is redefined will have a real impact on the referendum. If Brussels fails to listen and act, the UK’s membership is at risk.” Tackling late payments by large companies was also high on the list, particularly for those with revenues over £5m. The Conservatives party claimed it would strengthen the prompt payment code, as well as improve transparency. Martin Campbell, managing director at fintech startup Ormsby Street, suggested that there’s a culture in British business of late payment. Read more about the Conservative government:
- What does the general election result mean for small business growth?
- David Cameron unveils new minister of state for small business – But who is Anna Soubry?
- Taking a look at the Thatcherite beliefs of Sajid Javid, Vince Cable’s replacement
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