SME’s still innovating but FSB calls for more support in Pre-Budget Report

Despite the economic climate small businesses are still  growing and more than half have been innovating new products for release in 2010 according to a survey conducted by the Federation of Small Businesses.

The Voice Of Small Business Annual Survey 2009 reveals 53% of SME’s introduced new or improved products in the last year while 51% intend to continue innovating in the next year. The survey also revealed 27% of the 10,000 companies questioned increased profitability and 30% saw sales volume rise. Despite this great news the FSB are calling for the government to announce more support for SME’s in Alistair Darling’s Pre Budget out next Wednesday (9th December).

The FSB claim SME’s are still struggling to access finance and need further stimulus from the government. 1 in 3 firms said if banks lent more fairly it would approve their prospects. The FSB believe small businesses are key to getting the UK out of the recession. They’re calling for a freeze on taxes and national insurance, a renewal of the Enterprise Finance Guarantee and alternative routes to finance through development agencies.

Respondents listed growing their business (42%), employing more staff (19%), and coming up with new services and products (23%) as the key things they would invest in with the money they would save from a tax cut.

FSB chairman John Wright said; “With half of businesses expecting to expand their client base, and one in five intending to employ more staff in the coming year, this is no time to pull the support for this vibrant sector, which is at the heart of economic growth. As the UK goes to the polls next year, public debt and unemployment will still be high, and the Government will have to make tough decisions to encourage recovery.”

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