Chancellor’s ‘anti-business Budget is starting to bite’ as companies register shrinks for first time ever – London Business News | Londonlovesbusiness.com

The companies register shrank during the period October to December 2024 for the first time since quarterly reporting began in the period April to June 2012, data published today by Companies House has revealed.

Meanwhile, between October and December 2024, there were 181,261 incorporations in the UK, a decrease of 33,185 (15.47%) compared with the same period in 2023.

Also, there were 203,584 dissolutions in the UK between October and December 2024, an increase of 40,132 (24.55%) compared with the same period in 2023.

Newspage asked business owners for their views.

Stephen Perkins, Managing Director at Norwich-based Yellow Brick Mortgages said, “The anti-business Budget is starting to bite. Many businesses will be downsizing or closing and there has never been less incentive to start a business. This is certainly not bringing the growth the Chancellor was hoping for. This data has a huge red flag all over it and shows how the government is decimating entrepreneurship.”

Katy Eatenton, Mortgage & Protection Specialist at Lifetime Wealth Management said, “If the Government needed feedback from UK firms on its Autumn Budget, this is it. This is a damning indictment of the tax hikes piled onto UK firms and shows how anti-business the UK has become.”

David Belle, Trader at Fink Money said, “Two words sum up this data: sheer disgust. You cannot dislike this set of politicians enough and what they are doing to the UK economy and entrepreneurial mindset.”

Riz Malik, Independent Financial Adviser at R3 Wealth added, “Rachel Reeves effectively hung a giant “closed for new business” sign on the door of UK Plc in the last Budget, and this data only reinforces that reality. If existing business owners are questioning their viability due to rising costs, why would new entrepreneurs take the risk? We risk losing a whole generation of innovators and entrepreneurs, leaving the UK trailing further behind on the global stage.”

Ben Perks, Managing Director at Orchard Financial Advisers said, “It seems last year is the year entrepreneurialism started to die. People should aspire to be business owners, to create opportunities and jobs for people in their communities. They should be rewarded for taking the leap, but the latest Budget dealt business owners blow after blow and it’s become unattractive.”