Has the Budget hit your confidence about 2025?
Simple question for an article we're issuing this morning: As a business owner, are you more or less confident about 2025 following the autumn Budget? Please give your reasons why.
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5 responses from the Newspage communityCopy all
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The Autumn Budget has hit confidence in the UK economy, so say the markets and value of sterling. The outlook for the property market in 2025 has taken a turn down a cul-de-sac. With higher mortgage rates for longer and increasing stamp duty the market has been left to wither this winter and won’t spring back to life with some stimulus.
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As a business owner, I am less confident about 2025 following the autumn Budget. At Cosmos Currency Exchange, we have received no positive feedback from any client in any business sector. Many businesses have shelved their expansion and hiring plans, and some are reducing staff or considering relocation overseas.
The only potential positive for 2025 is our renewed focus on the US market, which is our second largest. We aim to engage with US exporters looking to enter the UK and EU markets. However, overall, the economic outlook remains grim as businesses face increasing challenges, uncertainty and the highest tax take for decades.
The only potential positive for 2025 is our renewed focus on the US market, which is our second largest. We aim to engage with US exporters looking to enter the UK and EU markets. However, overall, the economic outlook remains grim as businesses face increasing challenges, uncertainty and the highest tax take for decades.
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The Autumn Budget has dented my confidence for 2025 as a small business owner. Our business has grown steadily, using freelancers both in the UK and overseas, but this year, we took the significant step of hiring two full-time employees. Unfortunately, the increase in Employers' National Insurance rates and the reduction in the threshold at which it’s payable have made hiring prohibitively expensive.
For a small business like ours, these changes create a substantial financial burden, making it harder to build a permanent team. Instead of expanding our workforce, we’ll likely revert to using freelancers—both here and abroad—as it’s a more affordable option. While we’re committed to contributing to the UK economy, policies like this make it increasingly challenging for small businesses to grow sustainably.
For a small business like ours, these changes create a substantial financial burden, making it harder to build a permanent team. Instead of expanding our workforce, we’ll likely revert to using freelancers—both here and abroad—as it’s a more affordable option. While we’re committed to contributing to the UK economy, policies like this make it increasingly challenging for small businesses to grow sustainably.
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Families with disabled children are feeling the squeeze, and so are we. Costs are rising and funding is uncertain meaning anxious times ahead for charities like Incredible Kids. The recent budget has not increased our confidence that this will improve any time soon.
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No, if anything I feel more confident. The government needed to take tough decisions to raise funds and support public services, particularly the NHS. Long term this will support the economy, we have too many people off work due to illness. We couldn't go on as things were, with every public service on its knees.