"Founders have mortgaged their homes and invested life savings, to create jobs based on manifesto commitments that are now being ripped up. Many are already on a knife-edge after being clobbered with a £40bn tax raid in the last budget. Now they're facing tax rises on top of a 6.7% minimum wage increase that will decimate margins. Faced with higher taxes, soaring wage bills, and spiralling costs, businesses will be forced to slash jobs, abandon growth plans, or simply shut down."
"Faced with higher taxes, soaring wage bills, and spiralling costs, businesses will be forced to slash jobs, abandon growth plans, or simply shut down. Those that survive will have no choice but to push prices up and inflation will stay high. This government is engineering a crisis. We're 18 months into a five-year Parliament. Stop blaming everybody else. Breaking manifesto pledges isn't forced upon you - it's a cop out, a betrayal and a death knell for investment."
Founders mortgaged homes and invested life savings to create jobs tied to manifesto commitments now being broken. Many businesses were already precarious after a £40bn tax raid in the last budget. Additional tax rises combined with a 6.7% minimum wage increase will further compress margins. Higher taxes, soaring wages, and rising costs will force firms to cut jobs, abandon expansion plans, or close. Survivors will raise prices, keeping inflation elevated. The government's policy choices are creating an investment climate of risk and uncertainty that undermines entrepreneurship and threatens economic stability.
Read at London Business News | Londonlovesbusiness.com
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