| Nearly three quarters of small businesses are concerned about the impact that this year’s budget will have on their companies, according to research by Alliance & Leicester.
The biggest worry as cited by half of the participants in the research was the proposed increase to fuel duty, whilst red tape and the abolition of taper relief were also significant concerns.
Only one in ten respondents felt that they “thoroughly” understood the changes as set out in the pre-budget report and how they would affect their company.
Of the respondents who did not fully comprehend the implications for their business, two thirds felt “negative” about the amendments.
Steve Jennings, Alliance & Leicester’s director of business banking, expressed his anxiety over so few companies being aware of the impact that the changes will bring and encouraged companies to plan ahead to “prepare for these financial threats”.
|
