Clear Books accounting software undertook a survey of 8,816 small businesses a week before the election to find out their views on the the economy; half of those that took part in the survey were one person businesses, with a large proportion (43%) employing between 2-5 people.
At the time of writing this blog article these are the findings from the Clear Books small business survey:
58% of business owners want to see public debt cut this year, whilst 30% think it should be cut next year, 3% did not want a cut in public debt and 9% were unsure as to when the debt should be cut.
Chancellor Of The Exchequer
According to the survey respondents Vince Cable is the man for the job with a majority of 36%, George Osborne came second on 33% and Alistair Darling was the loser on 12%, however Mr Darling should take heart from the fact that 19% of our respondents were not sure who would make the best Chancellor.
37% felt that a hung parliament would affect their business negatively, 28% felt it would have no affect and 29% were unsure. 6% of respondents felt that a hung parliament would in fact benefit their business.
Banks Into Smaller Institutions
The majority of small businesses (67%) felt that banks should be broken up into smaller institutions whilst 20% disagreed and 13% were unsure about what should be done with them.
Double Dip Recession
The recession debate caused a an even split; with 35% saying that the UK economy would fall back into recession this year, whilst 35% disagreed and 30% were unsure.
53% of businesses stated that profitability has fallen in the past 12 months with 35% stating that it remained steady and 12% actually reporting an increase in profitably.
57% of small businesses felt that the Conservatives had the best policies for their business, whilst 17% voted Liberal Democrat and 12% Labour. 14% of respondents felt that another party would be better for their business.
If you have any thoughts or comments on your experience as a small business owner please feel free to leave your opinion below. See more about our tax accounting software here.