Businesses' tax concerns reach highest levels since 2017

National insurance hike outlined in Budget 'particularly damaging'

Eve Maddock-Jones
clock • 3 min read

UK business sentiment is at its lowest level since Liz Truss’ Mini Budget saga, with the sour mood driven by concerns over last year’s Autumn Budget tax hikes.

In the largest poll of business sentiment since October's Budget, the British Chamber of Commerce's Quarterly Economic Survey found concerns about tax, including national insurance (NI), has spiked.  In her maiden Budget, chancellor Rachel Reeves increased NI by 1.2 percentage points and at the same time, lowered the threshold at which employers start paying the tax on each employee's salary from £9,100 a year to £5,000. Labour forecasts that this change would generate around £25bn, accounting for more than half the £40bn of overall tax rises announced in the Budget. Reeves said a...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Andrew Goodwin: It's time for advisers to think differently about innovation

Andrew Goodwin: It's time for advisers to think differently about innovation

'Ours is still a profession that rightly places enormous emphasis on the human touch, relationships and trust'

Andrew Goodwin
clock 04 July 2025 • 4 min read
Altus' Holford urges advisers to reframe concept of advice gap

Altus' Holford urges advisers to reframe concept of advice gap

Traditional models of value, service and delivery are being challenged

Sahar Nazir
clock 04 July 2025 • 2 min read
PA Asks: Do you keep in touch with clients when on holiday?

PA Asks: Do you keep in touch with clients when on holiday?

Plus, targeted support worries and BDMs

Professional Adviser
clock 04 July 2025 • 1 min read