Small businesses, limited company contractors and umbrella companies could be among those affected by a drop in confidence following the result of yesterday’s hung parliament election.
UK voters took to the polling stations in their thousands over the course of the day and although there are still around 50 seats to come in, it’s pretty clear that a hung parliament is the most likely scenario.
Just what exactly this means for contractors, recruiters and umbrella companies is anybody’s guess. Yet according to a new survey by Empathica, many consumers are predicting a lean couple of years for the UK economy with widespread cuts in both the public and private sector.
The report revealed that more than 20% of respondents are concerned about their own financial situation, predicting that they’ll have much less in the way of disposable income once the anticipated rises in PAYE and National Insurance take effect.
A spokesperson from Empathica said that the state of the UK economy is still a cause for considerable concern among the UK public. They advised small businesses and SMEs to rise above the gloom and focus on delivering exceptional customer services in order to stay afloat.
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