Future Proofing Business
It’s evident that the Autumn Budget is already exacting a heavy toll on business owners, who are having to make some tough calls as a result; whether it’s scaling back their investment intentions, putting up their prices, or potentially even thinking about reducing their workforce levels.
The British Chamber’s Quarterly Economic Survey for the final quarter of 2024 shows that increases in Employer National Insurance Contributions and the minimum wage announced in the Autumn Budget has led to many businesses revising their profitability projections downward, as well as placing any plans for investment or hiring on hold.
- 63% of businesses say tax, including national insurance, is now a concern, following the Chancellor’s Budget – the highest level since 2017
- Business confidence has slipped to its lowest level since the aftermath of the mini-Budget in Autumn 2022
- A majority of firms (55%) now expect prices to go up in the next three months, with labour costs the biggest driver
- Only 20% of businesses have increased investment in the past three months – 24% have decreased
- Business conditions are weak, with only 24% of firms reporting increased cash flow and 30% a decrease
Taxation is now by far the principal cost pressure facing businesses, with labour costs and inflation also high on business leaders’ agendas. The manufacturing sector in particular fared worst, with sales, orders, recruitment and investment now at the lowest level since the height of the pandemic.
How can Sussex Chamber help?
Future-proofing your business is critical. We have hundreds of business members that can support your business in various ways. Membership is a very small price to pay to protect your business (with prices varying from £1 per day upwards) to access essential business services. Access free HR, Legal, H&S and Tax advice, free Chamber finance finder, free marketing and editorial services, and connections with other members (your supply chain and customers) through community groups. As a business membership organisation, we provide key networking opportunities and sector forums (to learn, share best practices and meet others), a variety of training courses (to retain your existing workforce), and international trade services to connect with the rest of the world.
We represent a diverse business community, from SME’s to multi-nationals, help shape government policy, and drive change to propel growth in Sussex.
Contact us now to ensure you are maximising your benefits. Email: [email protected]
https://www.sussexchamberofcommerce.co.uk/ https://www.futureskillssussex.co.uk/
With Ana`s extensive experience and strategic vision, Ana works tirelessly to advocate for local businesses, offering valuable insights and fostering connections that drive growth and success.
Through her leadership, the Chamber has become a prominent voice for businesses, championing their needs and creating opportunities for them to thrive.
Ana’s unwavering commitment to enhancing the region’s business landscape has made her a trusted resource and a powerful ally for companies looking to expand and succeed.
The Sussex Chambers' new partnership with Reveela Technologies, a forward-thinking digital AI publishing platform. This collaboration offers Sussex businesses an opportunity to enhance their visibility and share their stories in an innovative, sustainable way.
Through Reveela, Chamber members can easily publish content that reaches a wider audience, strengthening connections and increasing their influence both locally and beyond.
This partnership reflects Ana's commitment to providing businesses with the tools they need to thrive in a digital world.