New research by AXA UK has revealed strong public backing for small businesses, with more than three quarters of people saying they would like to see more independent firms in their local area and calling for greater support from government and local authorities.
The study, which polled 2,000 adults across the UK against the backdrop of the latest Budget, highlights widespread concern for small businesses facing mounting financial pressures, including the increase in employers’ National Insurance Contributions.
Around 77 per cent of respondents said more help is needed, while 88 per cent agreed that small businesses are vital to creating vibrant local communities.
Lower business rates emerged as the most popular measure people want to see introduced, alongside cutting energy bills and reducing corporation tax. Many also believe that reducing red tape, simplifying the tax system and lowering National Insurance contributions would make a meaningful difference.
Almost half of those surveyed feel small businesses deserve additional funding, while six in 10 said lower business rates would help them survive and grow.
The research also found strong appetite for more independent shops on local high streets. More than three quarters of respondents want to see more small businesses open nearby, with bakeries topping the list, followed by farm shops and greengrocers.
Almost three quarters of respondents believe they create local jobs, while many feel they encourage entrepreneurship, add character and make places more attractive and liveable.
However, nearly two thirds of people feel UK high streets have declined in recent years, blaming competition from online retailers, the cost-of-living crisis and high business rates.
Jon Walker, CEO at AXA Commercial, said: “It’s great to see there is so much public support for small businesses and to know people are keen to help them through tough economic times.
“Small businesses are the backbone of the UK economy, making up more than 99 per cent of all UK businesses, so it’s important they receive support to grow and flourish.
“When small businesses flourish, our high streets and local communities feel the benefit. People value their local communities so implementing measures to support small businesses is a positive step.”
