BUSINESSES continue to face mounting challenges as concerns of further increases in taxation and inflation continue to surge, according to the latest Quarterly Economic Survey results from Milton Keynes Chamber of Commerce.
The data, collected from a variety of businesses across the area, shows that nearly 75% of the respondents have highlighted further tax rises as their number one concern.
And more than 58% of respondents worry about the potential that prices of raw materials, goods and services leading to higher costs for raw materials, wages, and overhead expenses.
This can squeeze profit margins, force price increases, and impact consumer demand. It also affects interest rates, borrowing costs and investment decisions, says the Chamber.
While concerns about competition have eased by almost 50% on Q4 2024, this shift suggests that businesses may be focusing more on financial pressures rather than market rivalry, it adds.
As companies brace for the challenges ahead, Milton Keynes Chamber is calling on policymakers to address the growing concerns from local businesses over taxation and inflation to prevent further strain on businesses.
Simon Cox, the Chamber’s head of policy, said: “Rising taxation is putting significant pressure on businesses of all sizes and, without intervention, we could see a slowdown in investment and growth.
“With economic uncertainty on the rise, businesses will need to adapt and seek strategies to navigate the shifting landscape in 2025.”
The latest Quarterly Economic Survey for Quarter 1 can be found by visiting the Milton Keynes Chamber of Commerce website here.
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