According to the chair of the Confederation for British Industry SME council, Lucy Armstrong, Small and Medium Enterprises will play a key role over the next few months, in the recovery of the UK economy. Armstrong stated that although the focus tends to be on multinationals and large companies, small and businesses tend to be the ones who recruit. She also called for greater optimism for the SMEs of the UK, who have the strength and capability to help the UK economy move towards recovery.
Although recent years have been tough on businesses, a large number have retained cash which could now be reinvested in the economy. Further emphasis was placed on the importance of SMEs supporting local communities, making investments that will rebuild the UK economy in the long term. Armstrong believes that SMEs should be the focus of the economists and politicians as they generate higher revenues of tax from turnover and they employ significant numbers.
As a number of areas in the UK are struggling, Armstrong considers SMEs to be the key to supporting local communities, by generating revenue and creating jobs. The comments by Lucy Armstrong follow the release of figures by the Office for National Statistics, which show that business investment during the third quarter of 2011 increased by 4.3 percent. The statistics also reveal a particularly strong performance from the manufacturing industry during the same quarter.
A small business accountants will ensure that companies invest wisely, while maximising investment opportunities with minimal risk.
