Mixed emotions after an Autumn Budget that gives with one hand, but takes with another

Rachel Reeves’ first Budget as Chancellor has delivered much to encourage small businesses in the UK.

But, as is often the case, there’s a sting in the tale in the shape of the much talked about National Insurance hike for employers.

That the government briefed on this in advance has in some ways helped to soften the blow, calmed any unwanted turbulence in the markets and offered a degree of stability from which to move forward.

And it’s economic stability that is paramount for the Growth Hub, and all of the businesses we support, so the government’s Industrial Strategy, with multi-year settlements for key sectors, is especially welcome.

It’s this kind of forward-thinking that will provide the fiscal foundations businesses need and want to make investment.

Made Smarter is a flagship programme in the West Midlands and we’re incredibly proud to have played an integral part in its coordination. We welcome the government’s decision to double the current funding to enable a rollout across the whole of England.

More than £200m will be made available for wider small business support, including continued funding for practical support through Growth Hubs, for which I have long advocated.

A further £1bn has been pledged across 2024/25 and 2025/26 for the British Business Bank to enhance access to finance for small businesses - another welcome step for companies in the UK.

Employment allowance, which allows smaller companies to reduce their NI liability, will increase from £5k to £10,500. This positive step, alongside a reform of Business Rates, will extend some relief on retail, hospitality and leisure.

But many businesses will also feel the pinch from the 1.2% increase on NI contributions on salaries above £5,000, in a move that will raise £25bn for the Treasury.

Labour promised to go big and bold ahead of their first Budget for 14 years.

They’ve done exactly that and SMEs will need to be resourceful in the way they counteract the statement’s more challenging elements.

Made Smarter WM

Made Smarter is a national movement to drive growth amongst UK makers and advance the UK economy. Backed by world renowned businesses and the UK government, it will improve the development and adoption of emerging technologies. Making a real, everyday difference to people from the boardroom to the factory floor.

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Client testimonials

Without the Growth Hubs help and assistance, we would never have been able to increase our sales & output and also grow our local business. With this help in purchasing new equipment we have expanded our operations and gained a new and increased customer base.

Nuneaton Roof Truss,

Over the past few years, Armstrongs has built up a fantastic relationship with Gary Thyeson from the Growth Hub. His advice on grants and funding has been really valuable to both Armstrongs and some of our clients. His knowledge of local business support has been helpful in signposting us to relevant support agencies as required. We look forward to working with Laura Delahunty moving forwards.

Armstrongs Accountancy LTD,

In the short time since first engaging with the Warwickshire Growth Hub we feel that Laura has understood our vision and has been so very supportive in linking us to the specialist teams who are now supporting us with training, finance and recruitment. A great service that every growing organisation should connect with

MES Systems Limited,

I have had an excellent experience working with Laura from the Growth Hub, from day one, she was taking detailed attention to my concerns and ideas. She was able to put me in contact with different organisations and people to find out answers to my questions and help me to solve some inquiries I was having. I feel this support definitely had a positive impact in my plans.

PALACIOS LTD,

It’s been a fantastic inaugural eight months for the TalentTech Recruitment team and, although the reality of setting up and running a company can be a somewhat daunting experience, we have been extremely grateful for the superb help, advice and guidance given to us along our journey by Gavin Barnett and the team at CW Growth Hub. Gavin’s introductions to both Warwick & Coventry Universities and his wider business network have been absolutely invaluable.

TalentTech Recruitment LTD,

For many individuals out there, it is very hard to figure out ways and know which direction to go when it comes to setting up a business. The challenges of taking your idea and bringing it to life and not knowing where to go and who to speak to for advice. it can get very frustrating..

King of Saffron LTD,

This grant [which we received with the help of the Growth Hub and Coventry City Council] will really help us get on track for business growth and succeed with our vision. Personally, I would also like to thank the team for supporting me through the grant application process. You have been very approachable and attentive throughout.

Exeter Analytical (UK) Limited,

Thank you for the comprehensive and professional guidance

Burbidge & Son Ltd,

Over the years since the Growth Hub was set up we have habitually gone to our Account Manager as a one-stop shop for all business-related information. It has been a really convenient way of finding suppliers, advisors and, on one occasion, we even asked for assistance with finding customers. We are invited to a wide range of business events including business development workshops, Brexit roundtable discussions, seminars on various topics and have also been asked to speak at some events. When we have needed additional information, for example, finding finance sources or help with selecti

Marchantcain Design Limited,

Thanks to CW Growth hub getting us access to grant funding we have been able to invest in the latest computer monitoring system, which will enable us to compete with the national companies within our industry.

Comrie Leisure Limited,