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SMEs 'still upbeat despite market pessimism'

Feb 05 2008

A third of business owners expect sales to increase despite capital gains tax (CGT) reforms, according to business banking experts.

Findings from the second NatWest and RBS Small Business Monitor, reveals that the hotel, restaurant and construction sectors are the most upbeat with over half expecting higher sales.

Despite market scepticism, 13 per cent of SMEs are confident of a rise in profit margins.

Steve Pateman, chief executive, NatWest and RBS Business Banking, says: 'There was no knee-jerk reaction to sell businesses to avoid proposed tax increases, instead entrepreneurs have rightly prioritised the issues within their control.'

He adds that staying ahead of the competition remains the chief concern for businesses, ahead of "government legislation and red tape."

Entrepreneurs in Scotland are 15 per cent more likely than the rest of the UK to expect an improvement on last year's prices.

A further ten per cent expect to take on more staff over the course of the next year.

Meanwhile, the shadow chancellor, George Osborne, announced they would vote against changes to CGT.

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