Parcelhero's Head of Consumer Research, David Jinks M.I.L.T., highlighted that while some feared measures like fuel duty increases were avoided, the £40bn tax raise announced could significantly impact SMEs.
The changes to National Insurance contributions, with increased rates and a lowered threshold for payments, are likely to lead to lower pay rises for employees and hinder expansion plans for SMEs.
The increase in the minimum wage, particularly for workers over 21, adds to the financial burden on employers, which could further strain SME operations as they adapt to higher payroll expenses.
Chancellor Reeves's Budget reflects a delicate balance; while some measures are designed to alleviate burdens on low-income employees, the cumulative effect on SMEs raises concerns about their sustainability and growth.
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