Small businesses are the lifeblood of our economy here in my Brentwood and Ongar constituency – the very essence of entrepreneurialism, creating jobs and local wealth. Unfortunately, they are currently under attack from a Labour Government that appears not to understand business.
As we celebrated Small Business Saturday last week, with the Brentwood Connected High Streets of Brentwood, Shenfield and Ingatestone showing of their wares – many of which are locally sourced and made – I received an email from a constituent who feared her business might not survive the introduction of Labour’s National Insurance Jobs Tax.
At this time of year, small businesses should be looking forward to the festive shopping period, but many are fearing for the future of their firms and their livelihoods because of this new tax. But the Office for Budget Responsibility estimates the hike in employers National Insurance Contributions will cost businesses an additional £800 per employee. For some this will mean placing a freeze on new hires, for some it will mean laying people off, for some it will mean shutting up shop. I very much hope the Government will come to recognise that it’s businesses that create wealth and prosperity – not governments. If governments squash business, it squashes jobs, and ultimately its own revenues.
If you still have Christmas shopping to do, please try and do it locally. We have some amazing shops and market stalls that often offer much more personal gifts than you find online.
