On Wednesday 30 October 2024, Rachel Reeves stood at the despatch box in parliament to deliver the Labour Party’s first Budget in 14 years, Here’s our take…
Commenting on the Autumn Budget 2024, Ben Davies, Co-founder, Hexa Finance, said: “As I reflect on last week’s budget, it’s been difficult to avoid the negativity and concerns arising from business owners and entrepreneur’s alike. The rise in National Insurance and the National Living Wage is set to raise employment costs significantly, especially for SMEs, requiring businesses like ours to adjust. There has also been a sense of growing frustration from entrepreneurs across our region, particularly when it comes to the government’s view of what constitutes risk capital and the inevitable increase in taxation on UK PLC. At times, it certainly feels as if businesses are becoming a victim of their own success and, more worryingly, have little input when it comes to policy reform and economic growth strategy.
“On a positive note, the government’s £20 billion investment in R&D is a welcome step, especially for sectors like engineering, biotechnology, and medical sciences, key sectors in Wales. With £1.7 billion allocated to Wales, we’re hopeful this will strengthen local resilience and growth opportunities.
“The Employment Allowance and partial business rate relief will help some but, unfortunately, the cost pressures remain. At Hexa Finance, we’re here to support businesses of all sizes and sectors with the financing and guidance they need. We understand the recent budget will mean different things to different businesses, and we’re here to help them manage these changes and stay focused on growth.
“Whatever your view on the recent budget is, you can’t help but admire the resolve that’s shown by business owners as they continue to make a difference”
Looking for advice on your borrowing options? Follow this link: https://www.hexafinance.co.uk/contact/