As a small business owner, I know many have concerns about the upcoming Autumn Budget, particularly given the difficulties caused by the Government’s poor record on the economy so far.
As you will undoubtedly know their decision to increase the rate of Employers National Insurance Contributions (NICs), and the reduction to the threshold when employers start to pay NICs from £9,100 to £5,000, are a tax on business and nothing short of economic vandalism.
To put this into perspective, in August, the Bank of England asked firms about adjustments they have made due to these changes, and the results are shocking; they found that:
- 66% of firms reported lowering profit margins
- 46% of firms reported lowering employment
- 34% of firms reported raising prices to offset costs
Furthermore, the Confederation of British Industry found that 69% of respondents to their Employment Trends Survey, identified that the employer NICs rise was one of the top three threats to UK labour market competitiveness.
That’s why I am launching my Small Business Survey 2025 to share what you want to see in the upcoming Autumn Budget.
The Chancellor must get the message and stops destroying the backbone of our economy and your livelihoods.
It is vital that we send a strong message to Chancellor to tell her to not repeat these same mistakes and start listening to businesses like yours.
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