Ross Boyd, founder and director of Belfast-based chartered accountancy, RBCA, said, “If there is one plea many business owners across Northern Ireland would make ahead of the Spring Statement, it is a simple one: say nothing. For SMEs and owner-managed businesses, each of the Chancellor’s appearances at the despatch box now brings a familiar knot in the stomach. Not because they fear change, we are all used to risk, but because recent interventions have consistently made it harder to turn a profit.
“The increase in employer National Insurance contributions is now being felt. At the same time, another rise in the National Living Wage pushes payroll costs higher still. Add to that the steady creep of fiscal drag, quietly pulling more individuals and business owners into higher tax bands. The cumulative effect is undeniable – margins are being squeezed from every angle hampering investment and growth while corporation tax and income tax have increased.
“These are not abstract pressures. In Northern Ireland, where the private sector must carry a disproportionate share of potential economic growth, owner-managed businesses are the source of hope. They are the firms investing in local towns and rural communities, creating jobs and aiming to expand. Yet, instead of being given a helping hand to stimulate expansion, they face mounting statutory costs and diminishing incentives to scale.
“The rhetoric from Westminster continues to push growth, but where is the plan? Growth cannot be mandated while simultaneously penalising those expected to deliver it. Confidence remains one of the most valuable assets in business – and also one of the easiest to undermine. Policy signals suggest SMEs are viewed as less important economically, rather than government’s strategic partners – they are critical to local economies. U-turns and uncertainty mean investment decisions get delayed, recruitment plans are paused, and the appetite to take risk contracts.
“Markets respond to confidence. Small businesses are no different. For many here, stability would be a relief. No new burdens. No further tinkering. Just a period of certainty in which firms can plan, price, and invest without bracing themselves for the next fiscal surprise. Given that higher-than-expected tax receipts created a £30.4bn surplus in January the Chancellor may be tempted to spend more. Businesses will be crying for restraint given that the UK government deficit hit £100bn in the six months to September 2025, according to the latest figures from the Office for National Statistics.
“Sometimes, in uncertain times, leadership means restraint. For Northern Ireland’s business community, the most “pro-growth” message the Chancellor could deliver this spring might simply be; less is more, or even nothing at all.”
