UK Chief Executive of Bibby Financial Services, David Postings, comments on the recent Queen's Speech.
"Today’s Queen’s Speech tackles some of the key requests from the UK’s SMEs, namely simplicity and stability. With high employment but low productivity, there is a possibility that the UK could enter another recession over the next two to three years. Slowing growth is a certainty borne out in Q1 GDP figures and the Bank of England’s revised 2015 growth forecast. However, a majority Government able to make strong decisions over the future of the economy is likely to reduce the risk of recession."
"Primarily, the Government must address the economic challenges ahead and create a stable environment for small businesses to flourish. The businesses we speak with tell us that this should encompass a reduction in the business tax rates and clarity on the tax regime over the next five years. They also want certainty over our future in the EU. How the UK’s relationship with the EU is redefined will have a real impact on the referendum. If Brussels fails to listen and act, the UK's membership is at risk, which is why the negotiation process is so important."