Half of business owners in the UK transport and logistics industry believe tax cuts are vital for encouraging growth according to the latest quarterly Close Brothers Business Barometer.
It shows 50% of transport firms (albeit from a sample of 500 SMEs from across the UK business landscape) wanted VAT cut in the last budget announcement.Alas, the standard VAT rate remained at 20%.
MD of the transport division of Close Brothers Asset Finance, John Fawcett, said: “Business owners are looking for measures that will stimulate growth and drive the economy forward. Trading conditions remain very tough for small firms
The survey did, however, reveal some cause for cheer, said Fawcett. “Our barometer shows that a quarter of transport companies have plans for expansion in the next 12 months.”
By Andrew Stone