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The Autumn 2015 Spending Review has been followed by a rash of seemingly contradictory takes on the impact for SMEs. Read on to get the true picture.
While the Spending Review was wide ranging, with most attention focused on housing and pensions, there were potentially important developments for small to medium sized businesses.
At a glance:
There is much to laud in the Spending Review. But there are risks. Allowing local councils to set business rates could be a double-edged sword. The potential to boost regional economic prosperity is balanced by a risk of uneven competence in understanding the pressures SMEs are under.
Costs are an increasingly important issue for small to medium sized businesses. The Review promised to “announce shortly important steps … to improve competition, [that] will improve markets, reduce household bills and support productive businesses.”
While welcome, there is too little detail to be sure as to whether this will actually help the companies that are still suffering in the ‘great British business rip off’.
Sceptics may be concerned at remarks about “overly restrictive regulation”, which the Government claimed can “put the brakes on the competitive process and favour incumbent firms and established business models”.
While this does not refer explicitly to the business energy market, SwitchMyBusiness.com has previously campaigned for better protection for businesses losing out as the ‘forgotten sibling of consumers and corporates’.
Fortunately, you don’t have to be left out in the cold as winter bites. Our sector leading business energy switch service (we are the highest rated business energy provider on independent ratings site TrustPilot) can offer you the best deals in only 20 minutes so give us a call on 0330 0100 251 (or request a call back using our form) now to start saving.
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