Xero and KPMG urge chancellor for clarity on small business lending in Autumn Statement
The financial services specialist KPMG and cloud accounting technology firm Xero have called on the chancellor to provide greater clarity around access to lending schemes, ahead of his Autumn Statement next week.
This follows research from YouGov on behalf of KPMG, which showed that 70% of SMEs across Britain think the Government could do more to support small businesses.
Gary Turner, managing director at Xero said: “Half of the UK’s GDP comes from small businesses – they are the lifeblood of the economy. Any initiative that supports them is hugely important, which is why we are calling for clarity around existing schemes. We also support the Federation of Small Businesses’ call to double small business rate relief beyond March 2015.
“It’s never been a better time to run your own business. With the UK now moving towards economic recovery at a faster rate than much of Europe, any support the chancellor can give to small businesses now will doubtless pay dividends in the longer term.”
Iain Moffatt, head of KPMG Enterprise, said: “Access to funding for SMEs remains an area of red hot debate. What we’re hearing from those companies we speak to is an acknowledgement that there is already a wide range of support available to them, but a complaint that the marketplace is perhaps too fragmented and difficult to navigate at present.
“Unfortunately, this is dissuading businesses from accessing the funding they need. Greater clarity around or a simplification of the myriad of schemes and incentives available would therefore be incredibly welcome.”
