Insurance industry voices fears over NI and minimum wage hikes on SMEs as it responds to Budget

A host of insurance figures have expressed concern that Chancellor Rachel Reeves' Budget announcement today will mean SMEs could cut back on staff and business investment, as well as commercial cover putting them at greater risk of underinsurance.

Prior to the Budget, broker Simply Business research revealed that one in four small businesses said they fear closure if conditions don’t improve. The same survey showed that Labour was singled out as the party that best represented the interests of small business,

Bea Montoya, COO of Simply Business, said: “Small businesses had high hopes for the new Labour Government and this Budget was a watershed moment for whether their vote was vindicated.

“The extension to Business Rates relief and the