12 Sep Pleas for Help from Business Leaders Amid Tough Challenges for SMEs
The National Chair of the Federation of Small Businesses made an immediate call for the new Prime Minister to provide assistance to small businesses amid the latest hardships being felt by sole traders and SMEs.
In a press release published on 5 September, Martin McTague congratulated Liz Truss on a leadership campaign that included the interests of small businesses and the self-employed, but highlighted the obstacles ahead.
He noted the main challenge is now the delivery of “big and bold” action that can match the current crisis; soaring un-capped energy prices combined with other ongoing issues including “sky-high” taxes, rising inflation and supply-chain problems. These factors, he said, have created a “toxic mix” which needs urgent attention and a plan of supportive action.
Business support package announced
On September 8, following the announcement of a six-month energy price-cap support scheme for businesses, the Director General of the British Chambers of Commerce, Shevaun Haviland, welcomed the “quick and positive intervention from Government”.
However, he added that the other issues businesses face mean that the government must provide a “clear long-term plan that gives businesses the confidence to grow”.
The announcement of a cap on energy bills for businesses was generally welcomed, but at the same time, there was disappointment from businesses. In the Guardian, small business owners expressed frustration that the announcement gave no detail and the measures mentioned didn’t go far enough.
Andrew Crook, a fish and chip shop owner from Chorley, Lancashire, said there was “no comfort” in the announcement. As president of the National Federation of Fish Friers, he said he knew of many members who were losing their businesses right now and others who were unsure their business would still be up and running at Christmas.
Steve West, owner of a bakery in Wales, said that while businesses whose energy contracts were up for renewal would find some immediate comfort from the energy cap plans, anyone who had been thinking about making major investment decisions would have to “delay them to see how the situation unfolds”.
Business insurance costs
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If you feel that you need to revise your business insurance package or you want to find out if you can get cheaper business insurance with Tredstone, give us a call today.
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