Although Chancellor Jeremy Hunt claimed small businesses were close to his heart during his Spring Budget speech, many of those who represent the UK’s 5.5m SMEs were left distinctly underwhelmed.
Societal pressures to conform and lack of support from friends and family are key barriers for people that want to start their own business, according to new research.
New research has found that many business owners are reluctant to take out loans to help grow their business because of the risk to their personal assets, including their homes.
Despite challenging conditions, the number of UK digital micro businesses turning over more than £ 100,000 a year grew substantially during 2023, and almost a fifth (17%) now bring in six-figure sums, according to new figures published this week.
A new survey of UK small business owners has found that 69% of those polled said they would consider changing banks this year, as many seek new ways to grow their business.
Amazon is withholding payments from hundreds of UK sellers while it conducts new VAT checks; some traders are reporting that they are still waiting to be paid even though they have supplied all the necessary documentation.
Street food stalls, property letting businesses and online retailers were the biggest growth sectors in 2023, as the number of UK start-ups increased by 12% compared to 2022.
