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Entrepreneurs 'pessimistic' about the outlook for businesses in 2010

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The UK’s entrepreneurs are pessimistic about the business outlook for 2010, and scathing of the Government’s efforts to drive small business growth, according to a new study performed last week by business insurance comparator Simply Business.

Contrary to reports of recovery and green shoots, more than two thirds (68%) of small businesses are still struggling to find work, according to the study.

Nearly half (43%) of Britain’s small business owners do not feel things are starting to look any better for their business at all, and ambitions for the rest of the year remain muted - less than half (48%) of firms are hoping to expand this year.

The vast majority (83%) of small businesses believe the Government is not doing enough to support SMEs.

Furthermore, entrepreneurs are pessimistic on the likely impact of measures the Government have announced to support small businesses. Only two fifths (40%) think the various packages announced in the recent Budget – such as the lower business rate tax, and the doubling of entrepreneurs’ relief on capital gains - will actually help their business.

Of those business that are planning to expand this year, further trouble exists, with nearly two thirds (60%) struggling to obtain funding for growth from banks.

Posted May 7, 2010
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