SMEs cut costs and freeze hiring ahead of Budget – Rathbones
40% of SMEs have made or considered changes ahead of the Budget, with 32% already cutting costs or restructuring and 31% delaying hiring.
Small and medium sized businesses (SMEs) across the UK are cutting costs and pausing hiring ahead of the Budget, research from Rathbones found.
40% of SMEs have made or considered changes ahead of the Budget, with 32% already cutting costs or restructuring and 31% delaying hiring.
46% said they expect the Budget to be bad for business.
70% are worried about tax rises, and 62% believe the Government does not understand SME needs.
Not all changes were defensive, with 30% expanding into new markets or regions and 29% launching new products or services to strengthen their position.
70% identified rising business taxes as their main worry.
12% feared more regulation, and 14% were concerned about reduced Government support.
Income tax, capital gains tax, and VAT were the main areas business leaders expected to be targeted for increases.
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