For all of Labour’s grandstanding, half of SMEs say it’s become harder to turn a profit under Labour, writes Danielle Dunfield-Prayero

The Conservatives were booted out of office in July 2024. Some voters wanted change. Others believed Labour could deliver something better – including many in business, who had been courted by Keir Starmer and Rachel Reeves for years.

Labour swept to power with a stonking majority. Fifteen months on, how are things going?

Last week in Liverpool, the Chancellor delivered a speech that set alarm bells ringing – preparing the ground for further tax rises on hardworking people. For many small and medium-sized businesses (SMEs), this was a cold reality check. A long winter looms for the firms that power our local economies.

New Opinium polling commissioned by Conservatives For Business (CFB), a non-affiliated platform giving SMEs a stronger voice, reveals a double crisis: collapsing confidence and rising costs.

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