"More than four in five (84%) UK business leaders are worried about tax increases in the upcoming Autumn Budget, with three-quarters (75%) putting hiring or investing decisions on hold until after the Chancellor's announcement. The survey by Helm, the UK's leading community for scale-up founders, whose 400 members contribute £1 billion a year in tax, shows the extent of business anxiety ahead of Rachel Reeves' November 26th Budget."
"When asked 'Are you worried about tax increases in the upcoming Budget?', an overwhelming 84 per cent of respondents said 'yes', while only 8 per cent said 'no' and 8 per cent responded, 'don't know'. The impact on business decision-making is stark. Asked 'Are you holding off on hiring or investing decisions until you've seen what's in the Budget?', 75 per cent confirmed they are delaying crucial business decisions, with only 22 per cent proceeding with plans regardless and 3 per cent undecided."
"The group's CEO warns that the combination of Budget uncertainty and existing pressures from April's National Insurance increases has led to investment paralysis gripping the UK's growth companies. Helm's members businesses have an average revenue of £21 million each and collectively contribute £1 billion annually in tax revenues to the UK Treasury through corporation tax, employer National Insurance contributions, and other business taxes."
Helm surveyed 400 scale-up founder members whose businesses average £21 million in revenue and collectively contribute £1 billion annually in taxes. Eighty-four percent of respondents reported worry about potential tax increases in the upcoming Autumn Budget. Seventy-five percent are delaying hiring or investment decisions until after the Chancellor's announcement, while 22 percent are proceeding and 3 percent are undecided. Budget uncertainty combined with April's National Insurance increases has contributed to investment paralysis among growth companies. Frozen expansion plans are occurring across sectors and risk damaging UK economic growth at a critical time.
Read at London Business News | Londonlovesbusiness.com
Unable to calculate read time
Collection
[
|
...
]