For the past four weeks, life has been a whirlwind of calculations, revisions, and difficult decisions as I try to navigate the fallout of the UK’s latest budget announcement. As a small business owner with 25 years of experience, I’ve weathered my share of storms—from recessions to pandemics—but this time feels different.
This time, it feels like we’re headed straight into a concrete wall.
Even if the economy grows by the predicted 1% (which, frankly, feels optimistic), my instinct tells me we’re staring down the barrel of contraction. Without significant savings, the hard truth is that many businesses like mine are on a collision course with failure. But where can those savings come from?
Reducing overheads is the obvious answer, but that’s a cold comfort when it translates to real-world consequences: cutting staff numbers and freezing wages. Even these measures don’t go far enough to offset the mounting burden of increased taxation. So, we’re forced to consider further sacrifices.
- Cancelling private healthcare for staff: A small saving, but it shifts 80+ employees onto the NHS, adding more strain to an already overwhelmed system.
- Ceasing apprenticeships: Six young people lose opportunities to learn, grow, and contribute to the future workforce—a decision that weighs heavily on my conscience.
- Freezing pay: A necessary evil, but it means less income tax for HMRC and less disposable income for employees to spend in the economy.
- Rising operational costs: Our fleet of vans faces soaring expenses from parking fees, congestion charges, ULEZ fees, and tolls. These are unavoidable costs that chip away at already thin margins.
Raising prices isn’t an option, either. Much of our work is bound by agreements with clients, leaving us no room to pass on costs. The result? A feeling of being squeezed from every angle.
What makes this all-so disheartening is that we’ve done nothing wrong.
We’ve worked hard, reinvested in growth, and created career paths for talented people.
We’ve taken pride in contributing to the economy and building something meaningful for our team. Yet, here we are—punished by circumstances beyond our control.
And let me make this clear: this isn’t about political party bias—it’s about facts. These are short-sighted decisions made by people with a non-business owner mindset, aimed at SMEs without proper consultation or consideration.
I will not get into a political argument with anyone about this, but the reality is undeniable.
For those quick to assume business owners are living lavishly, let me set the record straight: our directors’ children attend state schools, and we drive average cars. Our family holidays are no different from anyone else’s. This isn’t about personal gain—it’s about creating opportunities, building a community, and making a difference. Dividends have always been secondary to the people we employ and the work we do.
After 25 years, I’ve never felt so defeated. The thought of asking, “Why do we bother?” has crossed my mind more often than I’d like to admit. And if even 1% of business owners feel as I do, that’s a chilling signal for the UK’s stability and its once-great promise.
These are the challenges we face—not just as business owners, but as a society.
The question now is: how do we weather this storm together?
Jamie Willsdon, Group Director, Future Group of Companies
