A new Simply Asset Finance survey has shown that around 33% of small to medium businesses hope the budget will bring relief for energy costs, as it remains a top concern.
Further, about three-quarters of respondents said that the budget (more generally) will directly affect planning.
Nearly a third of SMEs reported raising prices. 16% have also opted to fully use remote working or otherwise outsourced services further.
On the other hand, the survey found that 42% of small to medium businesses are optimistic about 2025. Nonetheless, this leaves close to six in ten that have not reported an optimistic near-term outlook.
Average monthly energy prices through 2024 have remained higher than in the years prior to the 2020s energy crisis. What’s more, Ofgem recently raised the price cap by around 10%. With these points in mind, it’s no surprise that energy costs remain a big concern for SMES across the UK.
Simply Asset Finance CEO Mike Randall highlighted that while the government evidently lacks the total confidence of businesses in the UK, the budget is essentially a chance to address this issue directly.
The autumn budget will be announced this coming Wednesday. The announcement is expected to begin about half 12 UK time.