by Alex Peal
Joint Managing Partner
9 September 2024
Press Releasesby Alex Peal
Joint Managing Partner
Only 28% of owner managed businesses see growth as the main priority over the next 12 months while 65% of these businesses are unlikely to make significant capital investment in the same period. These are two of the key findings of a survey of 512 owner managed businesses launched by The Association of Practising Accountants (APA) today.
Other findings include:
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Commenting on the findings APA Chairman Martin Clapson said:
“Owner managed businesses need meaningful help and support from Government. Our analysis suggests that many have given up hope of this coming. There is a real opportunity for the incoming Labour Government to reengage with this vital sector of the UK economy provided it can demonstrate it understands the needs of these businesses.
“Government needs to identify a series of short-term, stop gap measures to reduce the immediate challenges facing SMEs including revisiting rises in corporation tax, addressing labour shortages with more flexible migrant policies, incentivising capital investment and being seen to champion the SME sector more broadly.
“There is also a need to take a more realistic view of our future trading relations with Europe recognising that labour shortages coupled with an altogether more challenging export environment pose a real threat to long term growth.
“Above all the Government needs to recognise that uncertainty remains across many sectors of the economy and that businesses want reassurance as well as clear and unambiguous advice and support. This is about adopting a flexible approach to business policy which recognises the many challenges facing owner managers and which prioritise the sustainable growth of this sector.”
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