How is the Budget affecting companies in Surrey? | EUROtoday

Businesses in Surrey have given combined reactions to Chancellor Rachel Reeves’ Budget, which outlined spending and taxation plans for the years forward.

Key measures introduced on Wednesday embrace scrapping the two-child profit cap, freezing revenue tax thresholds till 2031, and introducing a tax on electrical and hybrid autos from 2028.

Property brokers say the price range might be good for small companies however dangerous information for landlords. Care suppliers voiced issues over the rise in minimal wage.

Martin Groves, landlord of the Hot Blossom pub in Farnham, mentioned the price range “could have been a lot worse”.

Mr Groves BBC Radio Surrey: “We always expected taxes to go up at some stage to pay for all the various outgoings that have gone on through Covid, so I’m not completely surprised,” he mentioned.

“There are certainly costs that have been passed on to us, which in turn we pass on to our customers.

“It’s not as dangerous as when the vitality costs went by the roof.

“That was a very scary time but anytime there’s an increase in cost nobody likes it and it always puts a little bit of strain on your business.”

Steve Lane, from Robinsons Property, which offers with industrial and personal housing, mentioned it might be dangerous information for landlords.

He mentioned there’s already “scarcity of stock” in residential lettings, as latest laws, such because the Renters Rights Act due in May 2026, has resulted in “more and more landlords leaving the market and not investing”.

“That’s pushing up the rents,” he mentioned.

He added there was an “unwelcome increase in tax on landlord income from rental property which, on top of recent legislation, rather dissuades people from investing in property to let”.

But there are some positives, he mentioned: “There is a quiet lessening and reduction in the business rates for small properties.

“The element is but to come back out in whole however the smaller items can have a decrease multiplier for his or her enterprise charges, so small and medium companies ought to pay barely much less. That’s excellent news.”

He said business rates for larger sites will worsen, though this should not be too much of an issue for smaller towns.

Michelle Wilson, care manager at Home Instead, a domiciliary care company based in Epsom and Dorking, said the rise in minimum wage could cause problems.

“The improve in minimal wage is clearly good for the working inhabitants,” she mentioned.

“But suppliers are nonetheless recovering from this yr’s National Insurance improve. Costs had been pushed up with out charges holding tempo.

“It’s already a very competitive market. The increase in wage is going to make it harder to remain competitive and I would imagine cause issues with recruitment and retention.

“We see this yr’s price range as a little bit of a double hit on social care.

“With an ageing population, with rapid growth in the over-75s continuing, that causes pressure on the NHS, so people are looking to private care.

“There’s some good factors and dangerous factors.”