Majority of Scots SMEs call on MPs to make slashing red tape a priority

More than half of Scottish small and medium-sized enterprises (SMEs) have identified the slashing of red tape as the top priority for the new Westminster government for driving growth north of the border.

A survey carried out by the Bank of Scotland found cutting back bureaucracy was ranked as the most pressing issue faced by 55 per cent of Scottish SMEs.

Meanwhile, the bank’s latest Business in Britain survey also revealed that nearly four out of ten (39 per cent) called for better incentives to encourage businesses to invest.

Just over a quarter (26 per cent) told the bank that improving skills through vocational apprenticeships was the most important issue they faced, while eight per cent said ministers should take steps to lift barriers to overseas trade.

The survey, carried out in April, is based on the responses of 1500 firms. Sixty- five of the responses came from businesses turning over less than £10 million.

Graham Blair, head of SME banking, said: “Small and medium-sized businesses have clear views on what the new UK government’s priorities should be, to help with their growth ambitions.

“Businesses have welcomed the government’s recent commitment to cut red tape and they recognise it as a priority. We are playing our part to help businesses start up, expand and trade overseas – highlighted in the survey as a particular area in which Scottish firms require support – by increasing our trade facilities by 25 per cent in 2015.

“However it is clear more can be done to give smaller and medium-sized firms the confidence to invest for the long term.”