"With reports suggesting the Chancellor is weighing up around £26 billion in tax rises, concerns are growing about the impact on small businesses already battling high costs and flatlining confidence. As the government grapples with balancing fiscal responsibility and supporting economic growth, this week's Autumn Budget will serve as a critical juncture for SMEs in the UK. With business sentiment flatlining and confidence in government support waning, it is essential for the Chancellor to make decisions that genuinely create a supportive environment for small businesses;"
"Chancellor Rachel Reeves is facing the daunting task of addressing a potential £26 billion in tax rises to stabilise the UK's public finances. This directly impacts SMEs already grappling with rising operational costs and a deeply challenging economic climate. The proposed tax increases, particularly on income tax, threaten to exacerbate the financial pressures already being acutely felt by SMEs, limiting their ability to invest in innovation, hire new staff or expand operations."
Chancellor Rachel Reeves faces proposals for around £26 billion in tax rises aimed at stabilising public finances. The measures would add to already high operational costs facing SMEs, constraining investment in innovation, hiring and expansion. Taxation has emerged as the primary concern for many small businesses, creating uncertainty that limits growth decisions. A projected downgrade to UK productivity, by nearly 0.3 percentage points, would further reduce profitability and investment capacity for SMEs. The Chancellor must balance fiscal rules, spending choices and tax decisions while considering the potential damage to small business confidence and economic growth.
Read at London Business News | Londonlovesbusiness.com
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