Following last week's Budget, businesses across Cambridge will be assessing what the announcements mean for their costs, cash flow and planning over the coming year.
Pete Bardell, Business Development Director at Price Bailey, shares his thoughts:
"The increase in the Small Business Rates Relief thresholds for qualifying retail, hospitality and leisure properties is likely to be welcome news for many town centre businesses. The threshold for 100% relief is set to rise from £12,000 to £18,000 from April 2027, which should ease overheads for eligible businesses, although owners will need to check their individual circumstances.
"Employment costs are another consideration. The National Minimum Wage and National Living Wage will both increase by 3.9% in April 2027, and businesses will need to factor this into their forecasts and pricing. Any benefit from business rates relief may not fully offset rising payroll costs, so it's important to consider the two together.
"The wider economic outlook remains relatively subdued, with the OBR forecasting growth of 1.2% in 2026 and 1% in 2027. Against this backdrop, businesses will need to remain focused on financial planning, managing cash flow and keeping a close eye on costs.
"Every business will feel the impact of the Budget differently and at Price Bailey, we're helping businesses understand what the announcements mean for them and consider how best to plan ahead."
For further information, visit pricebailey.co.uk
