A post-Budget survey by Populus undertaken on behalf of the British Chambers of Commerce has revealed that 71% of UK businesses think that the rise in the Small Companies’ Rate from 19 to 22 per cent will harm their business.

Sally Low, Head of External Affairs and Policy at the British Chambers of Commerce said:

 "SME's around the country will feel very let down by this tax increase and we have serious concerns about the effect this will have on their growth.

 

"This survey shows how worrying the Chancellor's actions are for SME's. Many will struggle to absorb the increase cost of this burden.

 

"Considering the competition SME's face from business around the world the Chancellor should be doing more to keep the needs of small business first."

Tim Hutchings, Hertschamber Chief Executive said,” I am not the least bit surprised by the findings of this survey, yet again this government has called upon small business to pick up the tab for it’s profligacy”.