SMEs report confidence in growth potential

SMEs based in the capital also reported confidence in the UK economy at a rate of 3 in 10. Outside of London, however, the feeling is less confident with most reporting a neutral outlook.

With the Budget upcoming, new chancellor Rishi Sunak has the opportunity to capitalise on this optimism and encourage the growth of the SME arena, which accounts for 99.9% of private sector businesses.

Luke Davis, CEO of private equity house IW Capital, commented: “This news is very much in line with what we have seen from our investor base and the entrepreneurs that we work with. We have seen more demand than ever to invest into growing small businesses. But more can be done to support the businesses in the UK's regions when it comes to investing in their growth. We have supported a number of ambitious firms outside of London and will endeavour to continue this in the future.

"The March budget will be an opportunity for the Government to address some of the issues that SMEs face and therefore unlock their growth potential, from late payments to access to funding. The ambition and talent of business leaders is clear and the right support network will allow them to achieve their potential in the coming years.

"Supporting and allowing this sector to grow will be critically important to the success of the wider economy in the next few years. By increasing the amount we invest in SMEs we could see a big boost to the UK economy as a whole - previous statistics have suggested that for every £1 invested £2 of GDP is produced by the companies that receive the finance."