Ed Rimmer, the chief executive at Time Finance, has urged the new Labour Government to honour the promises made to SMEs in their manifesto. He highlighted a growing sense of apathy among SME owners within the finance industry, with many businesses uncertain about where to seek finance or too cautious to explore their options. Rimmer expressed hope that these firms will now reassess their positions and move forward with renewed optimism.
Rimmer emphasised the importance of the new Labour Government fulfilling its commitments to SMEs. Key measures include exposing late payers and unlocking financial resources for businesses aiming to grow. The government must demonstrate its dedication to SMEs by assisting businesses in effective marketing, encouraging investment into the country, and developing new trade strategies. These steps should inspire SMEs with the courage and confidence to expand, contributing to the nation’s rebuilding efforts.
Stability in the economy is crucial, Rimmer asserted. Interest rates need to continue falling to unlock working capital for UK businesses, enabling intermediaries and the broader finance market to provide solutions that help businesses achieve their goals. Although the target for inflation has been reached, Rimmer advised that the new Chancellor should aim to bring it below 2 per cent.
Ed Rimmer’s call to action for the Labour Government highlights the essential role of SMEs in the UK’s economic recovery. By fulfilling their promises and fostering a supportive environment, the government can empower SMEs to drive growth and stability.
Time Finance plc (LON:TIME) is an AIM-listed business specialising in the provision or arrangement of funding solutions to UK businesses seeking to access the finance they need to realise their growth plans. Time Finance can fund businesses or arrange funding with their trusted partners through Asset Finance, Invoice Finance, Business Loans, Vehicle Finance or Asset Based Lending.
