Janet Finch-Saunders, Member of the Welsh Parliament for Aberconwy is severely disappointed to see that following Labour’s Autumn Budget that business confidence has slipped to new lows.
The British Chambers of Commerce (BCC) has revealed alarming statistics highlighting the severe impact of the Chancellor’s tax hikes on businesses nationwide.
According to the BCC’s latest Quarterly Economic Survey, 63% of businesses now cite taxation, including National Insurance, as a primary concern—marking the highest level of anxiety on this issue since 2017. In Wales, where small and medium-sized enterprises form the backbone of the economy, these increases will prove especially devastating.
Commenting on the news Janet said:
“This is exactly what we were afraid of – tax hikes crushing business confidence.
“Now, only 49% of firms are expecting their turnover to grow in the next year—a sharp drop from 56% in the previous quarter. For industries already struggling, such as retail and hospitality, confidence has slumped even further to just 39% and 42% respectively.
“Welsh businesses, already grappling with burdensome regulations, reduced business rate relief and excessive bureaucracy under Welsh Labour’s policies, now face further struggles as investment dries up and operational costs soar.
“In Wales, only 20% of businesses have increased investment in the last three months, while 24% have been forced to cut back—showing a clear trend of economic stagnation.
“With Labour’s budget placing an ever-increasing strain on businesses, it is imperative that the Welsh Government reconsider their approach before further damage is done. We in Wales stand to lose the most if urgent steps are not taken to relieve the burden on small businesses and restore economic stability.”
ENDS
