02 Apr 2024
Research carried out by Prism Solutions has suggested that UK small and medium-sized enterprises (SMEs) are bracing themselves for a 'tough few months' ahead.
Prism Solutions' survey of more than 500 SMEs found that over three quarters believe fiscal and political instability affected their business's profitability during 2023.
UK small firms desperately need a period of stability in order to expand, according to the research, but with an unsteady economy and uncertain policy, many businesses could be in for tumultuous months.
Commenting on the matter, David Bharier, Head of Research at the British Chambers of Commerce (BCC), said: 'The UK economy remains one of the most sophisticated globally, but it's difficult to see where further expansion will come from with high inflation, elevated interest rates, policy uncertainty, and barriers to EU trade all preventing many SMEs from making longer-term plans.'