Read more: See hereNew research today shows a worrying half (50%) of small business owners are concerned their business might not survive the next 12 months.
By comparison, only 11% of founders felt the same way in November 2023, a stark reminder for the new government that Britain's founders need better support.
The figures released today by not-for-profit Virgin StartUp, as part of its 'Founder Barometer' report, show that fewer business founders are confident their business will be in a stronger financial position in six months' time, decreasing from 66% in November 2023 to 45% today.
The report reveals that business owners are calling on the new government to better support SMEs by scrapping business rates (33%), increasing support for local regions outside of London (32%), cutting corporation tax (26%) and raising the VAT threshold (24%).
Andy Fishburn, Managing Director at Virgin StartUp said, "It's evident that many founders are feeling financial and emotional uncertainty and need support now more than ever.
⁘SMEs support 27 million jobs across the nation and collectively account for £4.5 trillion in annual turnover in the UK. The new government must recognise the significance of each and every founder in supporting the economic health of our nation, and recognise the mounting pressures heaped on UK founders in this day and age."
It's not all doom and gloom. Nearly three-quarters (70%) of business founders responding to the study said they are looking to expand in the next six months, with more than a third (37%) planning to increase their products or services and 22% planning to raise new funds or investment.
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