Small firms are facing rising costs, finance barriers, and high business rates, resulting in 27% anticipating contraction, compared to 25% expecting growth. This trend affects national growth as small businesses reduce hiring and investment. The Government's Small Business Plan includes measures against late payments and aims to cut regulatory burdens. However, business rates continue to pressure firms. Addressing these concerns is crucial, particularly in the upcoming Autumn Budget, to foster an environment that supports small firms in employing people and contributing to economic growth across communities in the UK.
Rising costs, barriers to finance, and high business rates are draining investment and hampering growth, resulting in more small firms preparing for contraction than growth.
For the first time since records began, 27% of small firms expect contraction, closure, or sale over the next year, compared to 25% anticipating growth.
The recent Small Business Plan includes commitments to legislate against late payments, which currently close 38 businesses daily, and to ease access to finance for investment.
Small business rates remain a burden, and while the plan to address them is acknowledged, the Autumn Budget is crucial for supporting small businesses.
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