Chamber welcomes new strategy for small businesses

East Midlands Chamber has welcomed a new government strategy for small businesses – but has called for more support amid higher costs.

The chamber said that measures outlined in the Government’s Small Business Strategy to address late payment and ease regulation are a positive step forward.

But it added that more supportive policies are still needed to tackle the high cost of doing business.

Richard Blackmore, the chamber’s director of policy and insight, said: “Nearly a third of East Midlands firms have seen cashflow worsen, according to the findings of our Quarterly Economic Survey, so addressing late payment and reducing the wasted time in chasing a late payer is a step forward.

“While there are welcome steps forward in the strategy, there are plenty of other headaches that persist for firms right now like the skills gap, inflation and higher staffing costs. To fully enable growth, these should also be addressed.

“Our research showed six out of 10 businesses in the region have struggled to find suitable staff, while corporate taxation and inflation top concerns.

“Add to that the fact that three out of 10 businesses reported they expect their profitability to fall over the next year, and you get a picture of the sheer scale of challenge.”