In Lincoln’s centre, Kirsty Gale, a local business owner, is expressing concern over the financial burdens weighing upon small businesses. As the owner of Red Carpet Ready, a specialist dress shop with a £2 million turnover, Gale draws attention to the harsh effects of rising National Insurance rates and high business rates. She notes that the recent increase in National Insurance from 13.8% to 15% does not encourage the employment of full-time staff. Gale’s worries are mirrored across Lincolnshire, where fellow entrepreneurs are pushing for many new supportive measures from Chancellor Rachel Reeves, targeting the upcoming Budget.
Gale is not the only one anxious about these issues. Hamish Falconer, Lincoln’s Labour MP, has put his weight behind local businesses, highlighting the necessity of a Budget that strengthens both small and medium-sized enterprises. Falconer stated, “The success of businesses like Kirsty’s is vital for the economic well-being of Lincoln.” Hence, he advocates for programmes that boost the morale and confidence of prospective businesspersons.
Recent findings by the Hull and Humber Chamber of Commerce, as part of its Quarterly Economic Survey, reveal a concerning trend. Companies are dealing with uncertainty, declining turnover, and skyrocketing costs. David Hooper, the Chamber’s director of external affairs, underlines the need for the government to step in and mitigate further strain on local enterprises. “They require assistance, not additional expenses,” he cautions.
As the Budget announcement draws nearer, the business community in Lincoln look forward to potential relief measures that will allow them to prosper and make positive contributions to the local economy.
This report has been adapted by The Lincoln Post from the original coverage provided by www.bbc.com.
