London Business Leaders Sound the Alarm on the Autumn Budget
Short‑sharp survey of 150 CEOs and SMEs from the London Chamber of Commerce and Industry (LCCI) raises red flags about the government’s fiscal strategy, slow growth expectations, and the newly proposed Employment Rights Bill.
Key Take‑aways
- ⁉ 86 % of businesses say growth under the current government is a dead‑end.
- 85 % of respondents feel the government is out of earshot, ignoring the business community’s worries.
- 70 % are losing confidence in their own prospects compared to last year.
- 74 % warn that higher Capital Gains Tax could cripple their operations.
- 54 % think cutting government spending is the right way to keep finances tidy.
- 26 % want a shake‑up of fiscal rules, while a meager 5 % backs the current tax‑raise path.
What the Survey Indicated
Business leaders are not convinced that the government’s “no‑noise” fiscal discipline will deliver the long‑term expansion they need. The combination of tax hikes, heavy regulation, and a slow‑moving budget is putting SME budgets on thin ice.
Karim Fatehi OBE’s Take
“This survey paints a stark picture,” says the LCCI’s chief executive. “Businesses do not trust that a regime of tax hikes and tight employment rules can actually hook economic growth. They urge the government to listen to the real‑world side‑of‑the‑table issues and pivot sharply. If employers keep being hammered by increases and regulation, the only option left for many SMEs is to pause investment, stall hiring, and trim wage plans… Without real support, London’s innovation engine stalls.”
In short: Businesses need less red tape, smarter spending cuts, and a sharper focus on growth than a blanket tax rise. The time for a rethink is now, or the city’s productivity and investment could go belly‑down.
