Britain could see a massive collapse of its small business sector if Chancellor Gordon Brown fails to take immediate remedial action in next week’s Budget.
That is according to Bibby Financial Services, leading providers of small business finance, which claims that Britain’s entrepreneurs are struggling to survive in the face of burgeoning taxation.
David Robertson, Chief Executive of Bibby Financial Services argues, “It’s extremely tough out there for small firms. Business failures increased by 7.2 per cent in 2002 and the business environment is looking increasingly precarious as owners and managers struggle to cope with the sheer onslaught of governmental legislation that is doing their businesses more harm than good. This untenable situation is only set to get worse and worse with the Government’s decision to increase National Insurance Contributions on April the 6th by 10 per cent and the hike in National Minimum Wage to Ј4.85 effective next year.
