It was Oscar Wilde who famously said that the only thing worse than being talked about is not being talked about, and today small businesses can understand those sentiments as they were roundly ignored by a Chancellor who simply does not understand that economic growth comes from enabling small and medium sized businesses to create and sustain jobs.
If the Autumn Budget crushed business confidence and compounded a lack of trust in the British economy, then today the Chancellor doubled down on her fiscal plan by tackling the deficit and cutting budgets, rather than introducing measures that will lead to a growing economy. Playing politics by blaming the previous government for what they have inherited is a well worn playbook, but offers no comfort to small business owners who are having to make very difficult decisions about the future of their businesses and the people that they employ.
Ted Wigzell, Founder of Your Business Community, said: “Today we have seen the Chancellor ignore the cries of small business owners across the country who are feeling the very real impact of the harrowing decisions she made in the autumn. The increase in National Insurance Contributions is just around the corner, as is the poorly thought through Employment Rights Bill, both of which will have a detrimentalimpact on SMEs ability to employ people and grow their businesses.
“What appears lost on this Chancellor is that the welfare cuts she announced today will only work if there are jobs available for those who she no longer deems eligible to receive the payments. Without creating an environment where businesses can thrive and grow, new jobs will not be created. Business confidence is at its lowest ebb ever outside of the pandemic, so pointing to future growth forecasts which may or may not appear in the years to come are of no comfort to businesses who are not in a secure enough position to look that far ahead.”
“The Chancellor will only receive the praise she craves for sticking to her plan if she gives some respite to small businesses from the challenges that she is needlessly throwing their way. It is not too late to reverse the NICs increase or make amendments to the Employment Rights Bill, and I urge the Chancellor to reconsider her plans and protect jobs and businesses.”