Local businesses highlighted the following challenges to Buckinghamshire Business First (BBF) in February 2025:
Recruitment and workforce development
- Wage pressures and unrealistic salary expectations of applications
- High minimum wage level makes it more difficult to employ young people
- Difficulties attracting and retaining skilled employees
- Difficulties recruiting and training apprentices due to high administrative burdens
- Competition from the public sector and London-based employers
- The need for more flexible apprenticeship funding for smaller employers who full under the levy threshold
- Skills gaps, particularly in technology and digital areas
- Challenges with work readiness of young people entering the workplace
- The length of time it takes to get driving tests / licences, which can obstruct recruitment
- A lack of support for firms hiring individuals with special educational needs
Economic, regulatory and compliance
- Challenges meeting new regulatory requirements
- The impact of rising National Insurance contributions on small businesses
- Business rate increases disproportionately affecting manufacturing businesses
- Planning system complexities hindering business growth and job creation
- High compliance costs
- High borrowing costs
- Reluctance to take on debt
- Limited cash for innovation and technology investments
External factors
- Impact of global trade tensions
- Currency exchange fluctuations
- Freight and import costs
- Offshoring competition
