Smaller Traders Want National Debt 'Paid'

Most of Northern Ireland's smaller businesses (SMEs) support deficit reduction plans, a survey has found.

As details of the UK's Emergency Budget were being digested this week, it has emerged that over three quarters of NI's smaller firms support rapid moves to pay off the national debt.

In a survey carried out by the Forum of Private Business, 76% of Northern Ireland's small and medium-sized businesses (SMEs) said reducing the deficit should be the new Government's main priority.

By comparison, only 40% said that fairer taxes should be the priority and just 23% called for the skills of the unemployed to be improved.

However, NI's SMEs appear to be especially keen to see stronger regulation of the banks and utility companies.

A sizeable 70% of business owners in Northern Ireland said the new Government should make this a priority, compared to 62% of firms across the wider UK.

Other popular priorities for the Government among Northern Irish firms included fewer regulatory changes (60%), simplification of the tax system (57%) and the creation of a better environment for business investment (52%).

Forum of Private Business Research Manager Thomas Parry said: "It appears that, like their counterparts elsewhere, Northern Ireland's smaller businesses are keen to see the UK's deficit brought under control.

"Business owners have plenty of experience of managing their own budgets of course, so they know how costly borrowing can be."

When asked which areas they wanted to see improved locally, reducing local taxation emerged as the most popular choice, finding favour with 42% of respondents.

This was followed by parking and transport issues, on 39%, ahead of improving local business support services on 37%.

Meanwhile, almost a third (30%) of Forum members in Northern Ireland said they wanted to see improvements made to their local area's image.

The figures emerged in the Forum's quarterly Referendum ballot, which was sent out to members just before the general election.

See: SMEs Back Budget Pledges

(BMcC/GK)