Business owners are raising alarm over the mounting financial pressures as government policies and rising costs take a toll on small enterprises. Mark Wrigley, owner of The Atlas Bar since 2012, expressed disillusionment with the government's policy direction, which he claims is stifling business growth. This sentiment is echoed across the hospitality sector, where many establishments have already closed in anticipation of April's forthcoming changes.
The Treasury recently delivered a budget aimed at resetting the economic landscape, yet business owners remain concerned. Electricity prices are set to increase by over 30%, National Insurance contributions are rising by 10%, and wages are also climbing by 10%. According to the Federation of Small Businesses (FSB), these tax hikes are hammering small firms.
Robert Downes from the FSB in Greater Manchester noted that many businesses have succumbed to these financial pressures.
"Many businesses had fallen by the wayside," Robert Downes shared.
Tony Cunningham, who has operated Leckenby's Tea Room for nearly three decades, described the current period as unprecedentedly difficult.
"The most difficult time in 27 years," Tony Cunningham stated.
Cunningham's business rates are set to more than double in April, further exacerbating financial challenges.
"We're really getting clobbered on all sides," he added.
Despite the challenges, the government remains committed to rejuvenating the economy. Measures have been implemented, including permanent cuts to business rates and capping corporation tax for the duration of the current parliament. However, the impact of these initiatives on small businesses remains to be seen.
Mark Wrigley illustrated the dilemma faced by many entrepreneurs, including his plans to expand operations at The Atlas Bar.
"We were going to take on extra staff and extend opening hours," Wrigley revealed.
Despite the hurdles, Wrigley remains cautiously optimistic about the future, driven by a commitment to his team.
"But I've got to be hopeful about the future because I have 28 members of staff who rely on the business," Wrigley expressed.