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Federation of Small BusinessesFinance

Increased cost pressures slow growth for SMES

The government needs to help SMEs as they face growing costs.

Increased cost pressures slow growth for SMES

Increased cost pressures on small business are slowing down growth and there’s a lot that government can do and has done recently to actually make the situation worse. They’ve increased the rate of National Insurance. They’ve increased the cost of the Living Wage. They’ve introduced auto enrolment. All of which we believe have added about £2,600 to the costs of an average small business.

 

Now, we believe that government can make a difference. It can make a positive difference. In the past they’ve introduced the Employment Allowance, which has been very successful in trying to help small business take on new employees and reduce the burden and the risk of that step. We believe they can do more and should increase the Employment Allowance.

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