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ESSEX FINANCE NEWS

Monday July 22 2019

Future Prime Minister take note Surprise vote of confidence from East of England businesses in Theresa Mays leadership


As Theresa May enters her final days in charge of the country Smith & Williamson reveals 77% of businesses based in the East of England believe her government policy has been supportive of private enterprise.



Future Prime Minister take note Surprise vote of confidence from East of England businesses in Theresa Mays leadership

Nearly eight in 10 (77%) businesses based in the East of England believe that Theresa May’s government policy has been supportive of private enterprise, according to newly published data from the Dream Bigger: Funding ambition* report from Smith & Williamson, the financial and professional services firm.

As the outgoing Prime Minister spends her final days in charge of the country, the research reveals 30% of businesses in the East of England believe current government policy has been very supportive of private enterprise and almost half (48%) say it has been mostly supportive.

It is perhaps this belief that has led businesses to be optimistic about their future with four in five (87%) believing their prospects will improve. And, despite the continuing political uncertainty, over three quarters (79%) of businesses have a greater appetite for borrowing than they did last year while for one in ten (8%) the desire to fund new ventures, hires, or research remains broadly stable.

Notwithstanding this confident mood, when it comes to securing external finance many businesses are still falling short. Almost half (48%) of East of England businesses that have attempted to raise capital have failed at least once, 13% have failed to secure funding more than three or more times.

John Morris, Partner at Smith & Williamson, said: “As the race for the Tory leadership edges towards the home straight, the candidates would do well to take a leaf out of Mrs May’s book when it comes to supporting private enterprise. In spite of many political twists and turns, she has, in the most part, kept businesses on side, with optimism and an appetite to grow.

“However, the hurdle comes when these businesses attempt to secure external finance. The reasons why companies fail in raising capital are numerous but entering multiple funding attempts can be expensive in many ways, nor least cost, time and resource. However, mistakes can be avoided by seeking specialist guidance from the outset, which can also improve the prospects of a firm securing the funding it needs, thereby reducing the failure rates we’re currently seeing.”



"As the race for the Tory leadership edges towards the home straight, the candidates would do well to take a leaf out of Mrs Mays book when it comes to supporting private enterprise. "
John Morris, Partner at Smith Williamson








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