Chuka Umunna MP, Labour’s Shadow Business Secretary, commenting on today’s CBI SME Trends Survey, said:
“Today’s figures are a further indictment of Ministers' failure to get growth going. They support John Cridland’s warnings last month of the failures at the heart of government to get the economy back on track.
"As the CBI figures show, business optimism is lower, production has fallen over the last three months and businesses are planning less investment next year because of their concerns for the future.
"It comes on the back of the last SME Monitor survey, which shows that the recession is affecting SMEs’ profitability and making it harder to access finance. The number of firms citing the current economic climate as the major obstacle to running their business over the next year has increased, and this is impacting firms’ willingness to seek finance and expand.
"As the evidence piles up, this out of touch Government is refusing to listen. A part time Chancellor and weak Business Secretary are clinging to their failed plan. They need to change course and put in place an effective strategy to support jobs and private sector business growth to get us out of the recession made in Downing Street."