Spending Reviews Leave Businesses Unable To Plan For The Future
The current state of the country means that to get us back on our feet
, cuts are of course necessary, and whilst many of us have been thinking of the impact on the public sector, the effect of cuts actually has a much wider reach.The trade body who represent the insolvency profession, called R3, have recently carried out a study and suggested that nearly 150,000 small businesses could also be affected, as they stand to lose their public sector income. If this happens these types of businesses may find themselves with serious deficits in their income, with the chance of their businesses failing becoming ever more likely.
Many of the public, who have been anxious about the coalition's thought process for the cuts, will at least take comfort in the fact professional bodies such as R3 feel the same. In a recent R3 survey, more than a third of the small business they spoke to said their business' success was reliant on the work contracted to them by the public sector, so if they get cuts it has a knock on effect.
This loss of work is not just a problem for now, it also means that the businesses affected are at the mercy of the sometimes hasty reviews that the current government have seen to undertake, which directly reduces the ability for businesses to plan for the next year or so.
It isn't just the already struggling professions that are suffering as a results, with many of the previously buoyant professions are also finding these reviews and new regimes are hitting them hard , with solicitors finding divorce settlements are paused while pensions are reviewed and those in the claims profession awaiting legislation before they make business decisions.
Funding to schools also affects more than just the children and teachers, as if they have funding cut and are postponing renovations and new builds , it also means that the construction industry are missing out on a great deal of work- some of which companies had already been commissioned to do and had factored into their projections.
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