Budget nerves are running high, oil has passed $104 a barrel, and three big deadlines land in the next six weeks. Here’s what mattered this week, and what to do about it.
1. Two-thirds of owners fear the Budget could close them
A survey of 500 small business owners for money.co.uk found 65% fear a tax rise on 28 October could force them to close within a year, and 77% have put off a personal financial decision at some point. Analysis puts the Chancellor’s fiscal headroom at around £12bn, down from £23.6bn in March, so pressure for tax rises is real. Don’t guess what’s coming. Work out how far your costs could rise before you stop making money, and plan from that number.
2. Oil passes $104 a barrel
Brent crude rose about 4% on Wednesday to just over $104 a barrel, and fuel was already expensive before that. If vehicles are part of how you earn, build fuel into your quotes now, and add a fuel clause to longer jobs so you’re not swallowing the next rise.
3. Tariffs on Chinese electric vehicles are on the table
The Business Secretary has asked officials to draw up options for tariffs on Chinese-made electric vehicles, and China has warned it could respond. Nothing is decided, but some of the cheaper electric vans could get dearer. If you’re due to replace a van, get quotes now and look hard at leasing rather than tying cash up in a vehicle whose resale value nobody can predict.
4. Over a quarter of business energy bills are estimates
Bill-checking firm Optima Energy has written to Ofgem and the government saying more than a quarter of the business bills it handles use estimated readings, and asking for back-billing protection and compulsory compensation for all business customers. Energy is the top cost pressure for 54% of owners in the money.co.uk survey. Send your supplier a real meter reading every month, and keep a dated photo as evidence.
5. Hiring picks up, but construction is still shrinking
The KPMG/REC vacancies index rose to 52.9 in September, its first reading above 50 in more than two years, so demand for staff is growing again. Construction is a different story: the PMI rose to 46.1 but anything under 50 still means activity is falling, and new orders are weak. If you’re hiring, expect more competition for good people. If you’re in the trades, keep a close eye on your order book.
6. Three dates for the diary
28 October is the Budget. 30 October brings the new duty to take all reasonable steps to prevent sexual harassment, liability for harassment of staff by customers and other third parties, and new union access rights. 18 November is the end of the transition window for existing directors and PSCs to verify their identity with Companies House. If you employ anyone or run a limited company, at least one of these applies to you.
That’s the week. The Budget and oil stories are moving fast and could look different by next Sunday, so treat them as a planning input, not gospel.
Leave a Reply