The Global Payroll Association reports a decline in UK businesses, especially small ones, with a total drop of 1% this year and 6.3% since 2019.
The most drastic falls are seen in smaller enterprises: those with one employee have dropped by 5.2%, while those with 5-9 employees fell by 2.3%.
Concerns rise after the Autumn Budget increase in National Insurance and National Living Wage, potentially exacerbating difficulties for small businesses already struggling.
Larger organizations now dominate the SME landscape as small business numbers decline, with those employing 200-249 workers increasing by 4.8% over the past year.
#uk-businesses #small-business-decline #economic-trends #global-payroll-association #startup-ecosystem
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