Member Article

North East small businesses urge next government to deliver growth initiatives

New research from the Federation of Small Businesses (FSB) has found that North East firms are the most likely to highlight the need for balanced regional growth when asked about what they want from the next government

The proportion of small businesses (55%) across the region saying that ensuring regional growth should be a priority for the new administration is higher than any other area of the country, and considerably above the UK average (35%). Investment in infrastructure (40%) is another key ask from firms in the North East alongside delivery of a good Brexit deal (57%).

The region’s small businesses are also the most likely to want the new Government to address social security and pensions inequality faced by the self-employed. More than half (52%) of firms want this to be a Government priority.

The biggest concerns for small firms in the North East for the coming five years are increasing taxes (64%), rising business costs (49%) and the regulatory burden (33%). The region’s businesses are the UK’s most likely to raise the issue of rising energy and fuel costs (31%).

In its ‘Small Business: Big Ambition’ manifesto, FSB is calling on the next Government to build opportunities across every region of the UK by implementing an Industrial Strategy that works for firms of all sizes, invest in road and aviation infrastructure and improve digital connectivity.

The FSB is also calling on the new administration to protect state pension and childcare reforms that have benefitted the self-employed and reform the Universal Credit system to make it more compatible with self-employment. Amid rising inflation, FSB is urging the new Government to freeze fuel duty.

Ted Salmon, FSB North East Regional Chairman, said: “We’ve heard promising noises over the last few years about the Northern Powerhouse and an ambitious Industrial Strategy.

“The new Government must take the opportunity to fully deliver on these initiatives. Our members are at the heart of the economy, so it must think small first if it wants that delivery to be a success.

“Brexit talks will no doubt form the backdrop of the next Parliament, but it’s vital that the Government doesn’t overlook domestic issues.

“Firms across the North East are having to battle surging costs every day. We need to see the next Government simplify the tax system, raise the Employment Allowance and freeze fuel duty to help them combat cost pressures.

“Then there’s the entrepreneurial army of self-employed workers, now 4.8 million strong. The next Government must rule out any tax grab on these strivers and reform the social security system so they receive the fair treatment they deserve.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →