Head of Entrepreneurial Services, Partner London +44 (0)20 7131 8213
65% of business leaders believe that they lack government support, according to the latest Enterprise Index research by Smith & Williamson, the accountancy, investment management and tax group.
There was a belief that the government was getting to grips with the scale-up business agenda, and the benefits this offers the economy, but progress appears to have stalled in an uncertain political environment. The party conferences have been a mainstay of the newspapers over the past few weeks, but there has been little mention of any plans or support in this core area.
Our Enterprise Index fell a further two points to 101.8 (January 2013 = 100), as the fears shown in Q2 continue to grow, despite (or because of) several rounds of Brexit negotiations and conference speeches designed to shore up confidence. Confidence has fallen by 10 points since the start of the year.
The introduction of a Scale-Up Champion, a Scale-Up Taskforce and the Patient Capital Review were all positive indicators of a government taking business seriously. However, as yet, there have been no meaningful developments for businesses.
Each individual appointment, or development, seems to be piecemeal and there appears to be no coordinated strategy or plan on how our entrepreneurs can be supported. This seems to be left to private sector organisations, such as the ScaleUp Institute, which has limited authority and influence.
59% of respondents believed that the impact of Brexit is real and nearly two thirds did not expect the economy to improve over the next 12 months.
Brexit appears to be all-pervading. This appears to be to the detriment of all other policy and the health of the wider economy. We need strong leadership and coordinated activity to rebuild economic confidence.