According to the accounting institutes’ latest Global SME Performance Review, the UK government, along with Singapore and the UAE, was judged to have the most SME-friendly policies globally in 2013/14, contributing to a drastic improvement in confidence levels among small and medium sized enterprises.
Ratings of the UK government by SMEs became positive for the first time in the 12 month period with businesses highlighting government intervention in the construction sector and the Bank of England’s Funding for Lending scheme.
“Globally, ratings of government policy have generally improved with the recovery, reaching positive territory in the UK for the first time,” said Charlotte Chung, senior policy adviser at ACCA. “The investment environment has also improved considerably for SMEs in the UK. This has been driven primarily by more available capital and more profitable investment opportunities.
“Micro and small businesses have experienced the biggest funding boost, as finance finally reached those SMEs that were the most squeezed in the pre-2013 period of rationing and restraint. It was SMEs in the UK, the UAE and Ireland who saw the greatest all-round improvement in the investment environment.”