Election outcome must unleash the potential of UK SMEs

UNA executive chairman wants guarantees that a re-evaluation of business rates will be top of the elected Government’s agenda

Tim Ryan, executive chairman at UNA, the organisation owned by 12 of the UK’s largest regional insurance brokers, has today issued a plea to the soon-to-be elected government to ensure a re-evaluation of business rates will be top of its agenda. Tim believes measures to help businesses must be introduced sooner than the previously agreed 2016 Budget which, in turn, will readdress the balance of our economy and restore immediate faith amongst UK SMEs post-general election.

Tim said: “Whoever ends up in No.10 come May 7th must firstly recognise that retail space in most high streets is not as valuable as it once was, with the exception of within major shopping centres. Excessive charges for these rates are bad for jobs, especially in areas of high unemployment. An immediate re-evaluation of business rates must happen if our high streets are to revive.

“The official report of the business rate review isn’t expected until the 2016 Budget. This is far too long to wait. We must cut rates for businesses of a certain size immediately following the general election. Whilst the signs of recovery are evident, it would be naive to stifle that growth by hindering businesses once more. And against competition from the huge online businesses which are barely affected by business rates, this would be welcome support for the SME market.”

Tim also suggests that when UK SMEs receive greater clarity on business rates they will feel incentivised to make crucial investment decisions.

Tim said: “And we all that many investment plans are sometimes several years in the making.”

“Inevitably, question marks and doubts always linger leading up to a general election amongst the business community. It’s up to whoever comes to power to quickly extinguish those doubts and reignite trust amongst UK SMEs.”