The Federation of Small Businesses has welcomed the measures made for SMEs in the 2014 Budget statement, including those concerning energy prices, investment opportunities and road infrastructure.
Poor road infrastructure costs half of all businesses £2,500 each year, according to the FSB – and costs a fifth of firms even more than that.
The Budget allocated an emergency fund of £200 million to tackle potholes, a relatively small but welcome gesture to start getting the nation’s roads back to a state of better repair.
Several measures were announced for energy-intensive industries, to ensure they are able to continue to thrive in spite of efforts to combat emissions and climate change.
And the Annual Investment Allowance for small firms has been doubled to the end of 2015 – but only 2% of FSB members knew about the increase to £250,000, according to the organisation’s recent research.
John Allan, national chairman of the FSB, said the Budget “offered a clear signal for businesses to grow through the increased investment allowance, and with a focus on manufacturing”.
“The £7 billion package to cut manufacturing energy bills will help create jobs and strengthen this key sector,” he added.
But he stressed that the government must ensure it communicates these opportunities to small businesses, so SMEs are able to access allowances like the AIA and make greater levels of investment.