"Insolvency statistics have risen again as businesses continue to hold their breath ahead of a delayed Autumn Budget. The reality is that British businesses remain under pressure, impacted by rumours of tax hikes, price rises and their ability to break even in an unpredictable economic climate. As we sit a week from the Budget, all eyes are on the Chancellor to set out how this Government plans to restore confidence and financial stability."
"Businesses are looking for clarity on growth, tax pressures, cyber risks and shifting international trading rules. The Red Box will signal the direction of travel, but with VAT, Income Tax and NIC all under scrutiny, bumps in the road are inevitable. Unemployment is at its highest point in four years, wage growth is slowing, and many expected cuts to the Bank base rate that didn't come."
Company insolvencies increased 2% from the prior month and stand 17% higher than October 2024. Construction, Wholesale and Retail Trade, and Accommodation and Food Service sectors together account for 47% of all company insolvencies. Businesses face pressure from rumours of tax hikes, rising prices and an unpredictable economic climate ahead of the delayed Autumn Budget. Firms seek clarity on growth, tax burdens, cyber risks and international trading rules as VAT, Income Tax and NIC come under scrutiny. Unemployment has risen to a four-year high, wage growth is slowing, and expected interest rate cuts did not materialise. Early action is urged to preserve options and remain trading.
Read at London Business News | Londonlovesbusiness.com
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