UK small businesses express dread over upcoming Autumn Budget

New research from digital broker money.co.uk reveals significant anxiety among UK small and medium-sized enterprise (SME) owners regarding the upcoming Autumn Budget. A survey of 500 business owners found that 45% are anxious or dreading the announcement, while only 22% feel optimistic.

Concerns regarding potential tax increases are widespread, with 65% of respondents fearing that a tax rise could force their business to close within the next 12 months. If taxes are raised, businesses indicated they would likely respond by raising customer prices (57%), pausing growth or expansion (39%), freezing hiring (29%), reducing staff numbers (25%), or cutting employee benefits (21%). Only 4% stated they would absorb the costs without action.

The uncertainty is also impacting the personal lives of business owners. Approximately 60% report experiencing stress due to Budget speculation, and 23% have lost sleep over it. Furthermore, 77% of those surveyed said Budget uncertainty has caused them to delay personal financial decisions, such as buying a home or starting a family.