A new survey by Helm, the UK’s leading community for scale-up founders, reveals growing business concern ahead of the Autumn Budget.
More than four in five (84%) business leaders say they are worried about potential tax increases, while three-quarters (75%) have paused hiring or investment decisions until after Chancellor Rachel Reeves’ Budget on November 26.
Helm’s 400 members collectively contribute £1 billion annually in tax, making the findings a significant indicator of economic uncertainty across the UK’s scale-up ecosystem.
When asked about their expectations for the Budget, 84% said they were concerned about higher taxes, compared with just 8% unconcerned and another 8% unsure.
The impact on business decision-making is stark. Asked ‘Are you holding off on hiring or investing decisions until you’ve seen what’s in the Budget?’, 75 per cent confirmed they are delaying crucial business decisions, with only 22 per cent proceeding with plans regardless and 3 per cent undecided.
The group’s CEO warns that the combination of Budget uncertainty and existing pressures from April’s National Insurance increases has led to investment paralysis gripping the UK’s growth companies.
Helm’s members businesses have an average revenue of £21 million each and collectively contribute £1 billion annually in tax revenues to the UK Treasury through corporation tax, employer National Insurance contributions, and other business taxes.
The findings highlight the damaging effect of Budget uncertainty on UK economic growth, with businesses across sectors freezing expansion plans at a critical time for the economy.
Andreas Adamides, CEO of Helm, said: “These figures are a flashing red light on the UK’s economic dashboard. When more than 80 per cent of business leaders are bracing for tax hikes and three-quarters have hit pause on investment, it’s clear the engine of growth is idling when it should be accelerating.
“The Chancellor must remember that confidence is the oxygen of enterprise — without it, ambition suffocates.
“The Autumn Budget must light a fire under Britain’s growth ambitions. That means no new taxes on business, real incentives for investment, and a clear signal that the UK is open for growth. Give businesses the green light to drive our economy forward.”