Following the launch of the Government’s Industrial Strategy White Paper on 27th November, Carl D’Ammassa, Aldermore’s Group Managing Director, Business Finance, says there is an astonishing lack of awareness around it. Carl says, "It is early days for the Government’s new Industrial Strategy; however, it appears that the lofty ambitions for the Strategy are yet to translate into awareness. The green paper was announced to much fanfare earlier this year, but our recent Future Attitudes study, which surveyed over a thousand senior SME decision makers across the UK, revealed an astonishing lack of awareness about the Strategy, with fewer than three in ten (29pct) small and medium-sized enterprises (SMEs) claiming to have heard about it."
Carl continued, “Furthermore, out of those who were aware of the Strategy, less than a third (30%) were confident that it will prove effective, with fewer than two in five (38pct) believing it will have a positive impact on their business. To ensure the Industrial Strategy is a success, the Government needs to listen to those who run and manage their own businesses, and focus on the areas of greatest importance to them. Our study indicated that Britain’s SMEs believe the single most important outcome should be to drive growth across the whole country. Just under a fifth (17pct) of SMEs said that the Government should focus on this goal above all else, while 16pct of respondents think that any strategy needs to lead on supporting businesses to launch and grow.
“Businesses are clearly indicating a need for greater support particularly as they are looking to scale up, and a vital part of this is access to finance, which is something we at Aldermore are committed to, enabling the UK’s SMEs to get on with supporting and boosting the UK economy.”