Three quarters of SMEs not confident the Autumn Budget will deliver for small firms

By
Dan Martin
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chancellor rachel reeves with budget box

The vast majority of business leaders do not believe that the upcoming Autumn Budget will deliver policies that support business growth.

A total of 76% were either not very confident or not confident that the speech on 26 November will prove positive for entrepreneurs, according to a survey by business performance and leadership organisation Vistage.

When asked which Autumn Budget measures would most improve the confidence of SMEs, 58% said cuts to business taxes, such as Corporation Tax or Employer National Insurance, were their top priority. Additional measures identified included:
  • Investment in infrastructure (20%)
  • Reducing regulatory burden (10%)
  • Targeted investment incentives (9%)
  • Support in the labour market (4%)

Confidence of SMEs

For overall confidence of SMEs in the economy, the firm’s quarterly index declined to 88, down from 89.5 in the quarter two of 2025 and 107.1 in the second quarter of 2024.

Although more than half of those surveyed anticipated increased revenue during the next 12 months, 22% predicted a decline in profitability. Only 10% expected to see any improvement within the economy over the next year, which the study said highlights “a prevailing sense of caution and concern about the future economic conditions”.

To deal with the economic pressures, 42% of SMEs admitted they will have to raise their prices in the coming months, while 19% saying they have already increased prices by 7-10% since the start of the year.

Rebecca Drew, managing director at Vistage UK and Ireland, said:

“While leaders are grappling with rising costs, weaker customer demand, and uncertainty around government policy, many are still focused on growth – planning to expand their team and invest in employee engagement.

“The results show that SMEs are navigating a challenging economic environment and making decisions to safeguard both their people and their bottom line.

“As such, the leaders most adept at navigating uncertainty are actively turning to their peers for perspective and guidance, helping them make informed decisions and position their businesses for long-term success.”

SMEWeb will provide full coverage of Autumn Budget 2025 on 26 November. Look out for posts on what small business owners want from the speech, live coverage of the announcements and a full round-up of what the measures mean for SMEs.