An analysis by iwoca, one of Europe’s SME lenders, reveals that among major economies, SMEs believe that the UK offers the “least support” for businesses and performs the “worst” at creating wealth.
Almost a quarter of SMEs (24%) identified the UK “as the worst compared to other top 10 economies for business support, with a fifth (21%) also ranking the UK first when asked which country had the weakest wealth creation.”
India and Brazil rank second and third for “worst business support out of the top 10 global economies.”
As stated in the update from iwoca, “two in three (65%) small and medium-sized businesses believe the UK is in long-term economic decline.”
When asked to rank the global economies, “24% placed the UK as the worst for economic growth — more than any other nation.”
SME owners also believe the country’s economic performance has “fallen short over the past decade, with nearly three-quarters (72%) believing the UK has underperformed in terms of growth.”
When asked to compare global economies, “two in five (40%) consider China to have a stronger economy than the UK, and a similar proportion (38%) believe that the US is more economically resilient.”
One in five (20%) respondents view China as “the top nation for economic growth, while the US leads in wealth creation, with nearly a third (31%) viewing it as the best place to grow wealth.”
The US is also perceived as the most business-friendly environment “against its peers, with one in five (21%) of SME owners naming it the most pro-business country.”
Despite concerns about the UK’s economic future, the country still “holds significant appeal to SME owners in other areas, according to the research.”
The report also mentioned that “one in five (21%) ranked the UK as having the best quality of life, ahead of the US and Japan (each at 15%).”
Additionally, the iwoca report revealed that nearly “one in five respondents (19%) views the UK as the most politically stable country, outperforming both the US and China (each at 10%).
Seema Desai, iwoca’s Chief Operating Officer, said:
“While there are some positives, like the UK’s quality of life and political stability, this research highlights the need for more targeted policy measures to ensure businesses across the country feel truly supported.”