Chancellor clears the fog with promise not to raise business tax – London Business News | Londonlovesbusiness.com

Promise not to raise business tax further over the next five years ‘clears the fog’ says Britain’s largest entrepreneur network Helm.

In a bid to head off a growing business revolt over Labour’s £40 billion Autumn Budget, the Chancellor told the CBI conference yesterday there would be no more tax rises on business in this Parliament.

Andreas Adamides, CEO of Helm said: “Months of uncertainty have felt like navigating a storm without a compass—businesses battered by mounting costs and shifting policies.

“The Chancellor’s decision to listen to our members’ concerns and halt tax rises finally clears the fog, offering the clarity and stability we’ve been desperate for.

“While businesses are still wondering how they will navigate a massive National Insurance rise in April they will at least feel some relief that the Chancellor has finally listened and there will be no more tax rises for business over the next five years.”

A recent poll by Helm, found that 60% of scale-up businesses said they will not hire more staff as a result of the proposed National Insurance increase.

The poll also found that 59% said they will hold off on hiring additional staff due to the employer NI increase coming into effect in April 2025.

Helm, whose 400 members have a combined annual turnover of more than £8 billion, carried out the polling between November 11-12.

The average Helm member is the founder of a company with an annual turnover of £21 million.