It’s almost two weeks since Rachel Reeves delivered her maiden Budget as Chancellor of the Exchequer.
Businesses are still digesting some of the announcements, which included a decision to raise Employer National Insurance Contributions (NIC) to 15% and a lowering of the threshold from when payment of NIC is due, from £9,100 to £5,000.
The Employment Allowance, which allows smaller companies to reduce their NIC liability, will increase from £5,000 to £10,000. Estimates suggest that this announcement could raise an additional £25billion a year for Treasury coffers.
We’ve already heard concerns from some of our members, who are facing up to the challenge of meeting significantly higher costs of running a business. Some businesses may have to look at cutting back on staff numbers or may choose to pass on the cost to customers. Other reaction suggests that businesses may choose to respond by pausing any plans to award pay rises to existing staff.
But what has been the impact of the Budget on your business? We’re keen to get your view of business confidence, as we roll out our latest Quarterly Economic Survey (QES).
The QES is the UK’s longest running independent survey of business sentiment and is widely recognised by The Bank of England as being a valuable measure of how the economy is performing. All 52 Chambers’ of Commerce across the UK, will be asking businesses in their regions to take part. Results are compiled and shared with the British Chambers of Commerce (BCC), who will publish an overall summary of national results. Here at Staffordshire Chambers’, we’ll be analysing results in the county and making both regional and national comparisons.
The QES comprises just 28 questions, most of which have a simple tick box response. It takes no more than 60 seconds to complete and by taking part, you’ll help to paint a picture of local and national economic performance. We’re keen for QES responses to be reflective of a wide mix of business sectors and business sizes. Please spare us a minute of your time. Your response can be really valuable. Click here to open QES – Q4, 2024.
In the coming weeks, we’re meeting with four of our local Members of Parliament:
15.11.24. – Dame Karen Bradley, MP for Staffordshire Moorlands (Conservative Party)
22.11.24. – Adam Jogee, MP for Newcastle-under-Lyme (Labour Party)
22.11.24. – Allison Gardner, MP for Stoke-on-Trent South (Labour Party)
12.12.24. – Gareth Snell, MP for Stoke-on-Trent Central (Labour Party)
It’s a perfect opportunity to join your fellow members in raising the key issues affecting your business and you can book your place through the events page of our website.
Our ‘Meet the MP’ meetings are open to Chamber members only and advanced booking is essential.
