SME manufacturers like their banks more than their politicians
1 min read
The manufacturing industry, like much of the rest of the business world, doesn't much trust politicians but is much more trusting than other sectors when it comes to putting their faith in their bank.
Across the whole economy, some 70% of UK SMEs don't trust their local MPs, with the manufacturing industry scoring a close to average 68.6%.
Just 17% of manufacturers said they didn't trust their bank compared to a national average score for all sectors of more than twice that many (35%). However, the separately categorised figures for engineering showed it to be more distrustful in both respects than most sectors. A table-topping 79% of engineering SMEs said they didn't trust the politicians and a higher than average 37.5% felt the same about their bank.
The figures are drawn from the quarterly UK Business Barometer, a survey commissioned and published by Close Invoice Finance of small to medium sized businesses across the UK which aims to gauge sentiment on a number of key business and finance issues.
Commenting on the findings, David Thomson (pictured), CEO of Close Invoice Finance said; "Over one in ten respondents cited their main business concerns as bad debt, late payments and cash flow. So at a time when accessing finance is extremely difficult, it's hardly surprising that almost one third of businesses want the Government to fine the banks for not lending – and even less surprising that 25% want them to set and enforce a minimum lending target."
