In October and early November 2024, local businesses provided feedback to Buckinghamshire Business First (BBF) on announcements within the Autumn Budget. Key themes are summarised below.
- Small businesses voiced concern that announcements in the budget will not alleviate their cash flow concerns.
- Some businesses have put recruitment decisions on hold whilst increases to employment costs are assessed.
- Some have also put investment decisions on hold.
- Businesses are increasingly considering using automation to increase productivity.
- Small business owners believe there is little incentive for their entrepreneurial spirit, especially if they are not operating in innovation sectors. Rural businesses and those operating in the hospitality and tourism sector are particularly likely to express this view.
- There is concern about the impact of increased National Insurance and increases to the National Minimum Wage and the National Living Wage for businesses, particularly those in the hospitality, leisure and retail sectors. Changes to business rates discounts for firms in these sectors (a reduction from 75% to 40% relief) will further increase costs for many small businesses.
BBF use this 'on-the-ground' intelligence to inform local business support activity, and share it with central government on a monthly basis to inform national policy.
