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Spring Statement was a missed opportunity. SME owners already lost £109.9bn - business owners need a bold and decisive Budget

Spring Statement was a missed opportunity. SME owners already lost £109.9bn - business owners need a bold and decisive Budget

Alan Thomas, UK CEO at Simply Business, one of the UK’s largest providers of small business insurance, comments on the 2022 Spring Statement:

“Today’s budget announcement was a missed opportunity for Chancellor Rishi Sunak to put small businesses at the heart of our collective recovery and demonstrate his full support for the UK’s self-employed.

“Lowering fuel duty and increasing the employment allowance is a welcome start for small business owners, but the fact is many are at breaking point – feeling the crippling pressure of rising costs, staff shortages and supply chain issues. 

“With inflation surging to 6.2% – a 30-year high – business owners needed a bold and decisive budget to help them navigate a uniquely challenging phase. Instead, the National Insurance hike and scheduled VAT and business rates rise will significantly hit the pockets of small business owners at a crucial point in their road to recovery.

“This comes at a time when small business owners continue to recover from the effects of the pandemic. Our latest report found that, two years on, the eye-watering cost of Covid-19 to small businesses sits at £109.6 billion. Alarmingly, one in six believe they will never recover financially. 

“Put simply, the government must act. For the sake of six million UK small businesses, it’s essential that they ease the pressure on struggling self-employed people, in turn helping our communities – and the economy at large – bounce back.”


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