December 2nd, 2022, Christien Pheby
CBI chief Tony Danker recently warned that Jeremy Hunt’s Autumn Statement didn’t do enough for UK industry – ultimately claiming there was nothing in it to suggest that the nation could avoid “another decade of low growth and low productivity.”
It’s a gloomy forecast, and one that (according to new research from YouGov B2B Omnibus) reflects the view of most British businesses. Almost three in five say the new Chancellor’s Autumn Statement offered “too little” to enterprises struggling with the rising cost of living (57%) – and just a fifth say it offered the right level of help (18%).
Companies in the SME bracket are especially likely to say the measures introduced in the statement were insufficient. Seven in ten micro businesses say Hunt’s changes didn’t offer enough support (69%) for businesses, with three in five small/medium sized businesses saying the same (61%).
There is broad support for some of the statement’s policies. Over half of businesses agree that freezing the business rates multiplier for 2023-24 should be a top priority (54% agree vs. 10% disagree), while three in five support increasing the relief on these taxes from 50% to 75% for companies in retail, hospitality, and leisure (63% vs. 15%). The £5k freeze on employment allowance was more divisive (27% vs. 24%), but half also say it was right to reform the transitional relief scheme (49% vs. 8%).
Businesses say the Autumn Statement will make no difference – or leave them worse off
Nevertheless, with energy costs increasing, inflation rising, and an economy in recession, most businesses don’t think Hunt’s statement will improve their situation. More than two in five say that the changes will leave them worse off (43%), with just one in eight (12%) saying they’ll be better off as a result of these policies. More than a third (36%) say they’ll make no difference either way.
When asked what the measures will mean for businesses across the UK, businesses are even more pessimistic. Half think that enterprises across the country will be poorer because of the Autumn Statement, with a fifth (21%) believing they’ll be in a better position – and another fifth thinking the measures won’t add up to much either way (18%).
Methodology
YouGov B2B Omnibus provides quick survey results from nationally representative or targeted audiences in multiple markets. This study was conducted online on 21-24 November 2022, with a nationally representative sample of 543 business decision makers in Great Britain (aged 18+ years), using a questionnaire designed by YouGov.
Data figures have been weighted by age, gender, region, education level and social grade, to be representative of all adults in Great Britain 18 years or older, and reflect the latest ONS population estimates. Learn more about YouGov RealTime Omnibus.
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