As the Autumn Budget approaches, mid-sized businesses are calling on the Government for more support – with new research from Shawbrook revealing that the majority (78%) feel overlooked by existing policy.
Four in five (79%) medium-sized businesses find it hard to access government support, with 18% not knowing how to access it at all
35% say the economic outlook for the next 12 months is negative
SMEs are calling for support with energy bills, increased business rate relief and assistance accessing new markets in the Autumn Budget
Shawbrook’s latest research, focusing on the UK’s medium-sized businesses, highlights a significant ‘support gap’ in this market. Despite being crucial employers and drivers of UK growth, the majority feel that policy measures are instead directed either at early-stage start-ups (e.g., via EIS) or large corporate entities.
The feeling of being overlooked comes at a challenging time, with more than a third (35%) of SME leaders expressing a negative economic outlook for the next 12 months.
Top Budget priorities – and access barriers
When asked what they are calling for in the upcoming Autumn Budget, medium-sized businesses’ top priorities focus on operational stability and growth enablers. Key support measures being called for include:
Support with energy bills – 26%
Support accessing new markets – 26%
Increased business rate relief – 25%
Funding for digital transformation – 25%
Increased access to finance, such as flexible funding schemes – 24%
Despite the clear need, many medium-sized businesses are struggling to engage with current schemes. The majority (79%) said they found it hard to access government support, with 18% of leaders admitting they do not know how to access it at all – and even among those who succeeded, 61% required external help to navigate the process.
Enduring optimism
Despite the significant frustrations, mid-sized business leaders remain optimistic for future positive change, with 72% reporting that they trust the Government to contribute to their growth in the next year. This optimism is felt more for larger businesses (100-249 employees), where 76% feel positive, compared to 66% of smaller firms (50-99 employees).
Neil Rudge, Chief Banking Officer for Commercial at Shawbrook, said: “Medium-sized businesses are the engine room of the UK economy, yet our research clearly shows a concerning consensus that they are being overlooked. There is a palpable ‘support gap’ where policy measures are missing the mark for this vital segment. It’s not just about introducing new schemes, but making existing support straightforward and more accessible.
“Mid-sized firms continue to hope that the Government will offer more support for them and their growth in the year ahead. In the upcoming Autumn Budget, it will be telling to see if these hopes are confirmed or dashed, given how vital these firms are for UK economic prosperity.”
