Epos Now Demands Action for SMB Support Following UK Spring Budget Announcement
After the UK Spring Budget announcement and unexpected sharp rise in inflation to 10.4%, market-leading fintech business Epos Now is demanding answers. With small-to-medium sized businesses (SMBs) grappling with the economic uncertainty, Epos Now is pushing for concrete plans to support these vital enterprises in the coming months.
Global payment and point-of-sale tech provider Epos Now is a champion of SMBs in retail and hospitality. With a worldwide community of over 55,000 customers, we're driving a vital conversation about the future of local UK businesses as the cost of living crisis intensifies.
Richard Nolan, Chief People & Operations Officer at Epos Now, commented: “The UK Spring Budget update is a welcome opportunity to provide much needed support for small businesses, which play a critical role in the UK economy. They represent 48% of employment and over 90% of British businesses, however, their vulnerability remains unaddressed.
“The new measures announced, such as increased support for childcare and an increase in the Annual Investment Allowance, will help to alleviate some of the financial pressures some small businesses face. But the effects of inflation and hyper-inflated energy costs remain a worry for many merchants. It was positive to see that the Energy Price Guarantee was retained for a further three months, however, business owners are keen to learn what comes next.
“While these measures are a step in the right direction, more must be done to assuage the fears of business owners across the country and ensure their continued success. Such success is essential if the Chancellor is to achieve his aspirations for economic growth.”
