More than half of all small firms in the UK have no clue what levelling up the country means for their business, new research suggests.
Moreover, a survey of 500 small to medium-sized businesses (SMEs) found that fewer than one in three believed the Government will deliver on its levelling up agenda.
Nucleus Commercial Finance said its study found half of SMEs were confused about the Government’s plans, especially among younger business owners.
Just over half of respondents said regional inequalities were affecting their ability to attract investment or hire skilled workers.
Chirag Shah, chief executive of Nucleus Commercial Finance, said: “Despite the levelling up agenda being a central idea of Boris Johnson’s Government, SME leaders remain confused about what this is and how it will impact their business.
“In addition, it’s particularly concerning that they feel regional inequalities are putting financial pressures on their business and are severely impacting their opportunities to succeed.
“As SMEs are the backbone of the economy and will play a crucial role in helping the UK recover from the impact of the pandemic, it is vital that the levelling up white paper provides clarity for them.”