FORTH joined a national conversation when the team provided commentary on the Government’s 2024 budget during a dedicated segment on Channel 4 News.
Film crews from the station’s flagship evening news programme spent two days filming at Forth’s HQ in Flimby.
They were in the area to gauge the sentiment in the business community after Labour retook the local parliamentary seat in the last General Election.
Reacting to Chancellor Rachel Reeves’s announcement of a proposed £40 billion tax rise, Forth colleagues discussed the likely impact of these measures on businesses across the UK.
Among the key concerns raised was the increase in National Insurance contributions.
Graham Cartwright, Projects Director at Forth, said: “Like all SMEs, we will feel the impact of the National Insurance increase, and whilst it won’t make a material difference to the viability of the business, it feels like another tax on people willing to take risks, create employment, and offer opportunities.
“We need to operate in a climate where investment in people and processes is encouraged – but right now, it feels like SMEs are targeted at every opportunity.
“There will be a tipping point for many unless the Government sharpens its focus on supporting business and enterprise.”
Graham told the news programme that many firms are already facing tighter margins and rising operational costs, with little room to pass these expenses onto consumers in an already-stretched market.
Forth’s Associate Project Manager, Chloe Ferguson, emphasised the strain these additional taxes could place on employees and their wages. She said: “There’s pressure already, so if they (taxes) do go up, then the income from work needs to match it. If the cost of living increases, everything else should increase because people are struggling already.”
Beyond the immediate impact on business costs and household incomes, the Forth team also expressed concerns about the broader economic implications of the budget.
With rising taxes potentially dampening consumer spending and adding pressure on small and medium enterprises, some analysts fear that such measures could stifle economic growth at a time when businesses and households are already feeling the pinch.
As the 2024 budget begins to take effect, businesses across the country will be watching closely to see how these changes unfold and how they might adapt to the evolving economic landscape.
To watch the news segment, visit: https://www.youtube.com/watch?v=W486-AHWliU.
