Rising tax burden threatens mid-market growth

As businesses continue to focus on recovery from the pandemic and speculation on the contents of next week’s Autumn Budget continues, Grant Thornton UK LLP’s latest Business Outlook Tracker* found that one in three (31%) mid-market businesses believe the increased tax burden is a top threat to the growth of their business.

The bi-monthly Tracker, which surveyed 605 mid-market businesses in October 2021, showed that the increased tax burden was considered as big a threat to the market as digital security and cyber risk.

Businesses have already been hit this year with the upcoming rise in corporation tax to 25%, announced in the March Budget, and the recent announcement of a rise in National Insurance from April 2022 to help fund the health and social care sectors.

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