A Goldman Sachs International exec is saying UK small businesses are getting spooked by government policy chaos, and the main issue is nobody knows what taxation and employment rules are going to look like down the road. Kunal Shah dropped this ahead of some event celebrating Goldman's small business training program, and he mentioned that founders are nervous about Labour's regulatory moves and the whole tax situation after the recent Budget.
Small business owners apparently feel good about their own operations, but the uncertainty around Labour's manifesto promises is making them hesitant to invest or bring on new workers. The government walked back its day-one unfair dismissal plan, settling on a six-month qualifying period instead, but companies are still worried about compliance costs.
Shah pointed out that inflation is sticky, interest rates are high, and productivity has been lagging for a while. He did give props to the Chancellor's stamp duty break for newly listed shares, calling it a solid move to help capital markets. More than 2,500 businesses have gone through Goldman's free training program, and research shows participants grew revenues by 43% within three years.
Small business owners apparently feel good about their own operations, but the uncertainty around Labour's manifesto promises is making them hesitant to invest or bring on new workers. The government walked back its day-one unfair dismissal plan, settling on a six-month qualifying period instead, but companies are still worried about compliance costs.
Shah pointed out that inflation is sticky, interest rates are high, and productivity has been lagging for a while. He did give props to the Chancellor's stamp duty break for newly listed shares, calling it a solid move to help capital markets. More than 2,500 businesses have gone through Goldman's free training program, and research shows participants grew revenues by 43% within three years.
