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News Release from: The Forum of Private Business | Subject: UK200Group survey
Edited by the Buildingtalk Editorial
Team on 21 August 2006
Help needed for growth of small firms
FPB says UK200Group survey shows more must be done to help the growth of small firms.
The Forum of Private Business says a survey by UK200Group shows that there are still significant restrictions on the growth of smaller businesses The annual research showed that, although a majority of respondents were optimistic about increasing employment and profits over the next 12 months, more than 70% believed red tape would increase and 59% said legislation was a major restriction to growth
This article was originally published on Buildingtalk on 7 Aug 2006 at 8.00am (UK)
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Campaigns Manager for the FPB, Victoria Carson, believes there are significant obstacles in the way of smaller businesses.
"Until there is a real effort to cut red tape and cater legislation to the needs of small firms, their growth will be hampered," she said.
"The optimism of respondents is a clear sign that the entrepreneurial spirit is alive and well, but the Government must allow it to flourish rather than stifle it with regulation." The survey also looked at the banking habits of small and medium sized firms.
Barclays proved the most popular with the Royal Bank of Scotland, Natwest and HSBC following closely behind.
The survey also revealed 87% of respondents were satisfied with their current bank and just 13% were looking to switch banks.
The UK200Group findings were released ahead of the FPB's Bank Report which is published in November.
The report which has been running for 20 years will show how smaller businesses believe the banks are performing.
Around 4,000 small and medium sized business owners and managers have been surveyed in the much anticipated Bank Report.
The Bank Report will be published in the same year that the Office of Fair Trading present their findings on a review of small business banking.
Notes to Editors UK200Group, is the UK's leading quality assured network association of independent accountancy firms, and now including lawyers, with over 120 members spread throughout the UK and 40 international associate members.
Established in 1986, it operates a stringent annual quality review of its member firms and provides technical skills, training and close networking activities that are designed to enhance the performance of both members and their clients.
The total number of partners in the Group is over 700 which rivals the leading accountancy firms in the UK.
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