UK entrepreneurs hesitant amid election uncertainty

In the midst of political flux, potential UK entrepreneurs are hesitating to launch new businesses, primarily due to the uncertainty brought about by the upcoming general election, a new study by FreeAgent reveals.

This sentiment reflects a broader apprehension, with 58% of potential business owners expressing concerns over the impact of the election on their entrepreneurial decisions.

With no date yet set for the upcoming general election, the uncertainty caused by potential political and legislative changes is making aspiring entrepreneurs nervous.

Over a third (35%) of respondents said they have been put off from starting their own business due to uncertainty around changes in tax, with 30% worried about changes in small businesses funding and 28% more generally around changes in legislation and regulation with the potential entrance of a new government.

Economic instability and the looming cost-of-living crisis further exacerbate these fears, deterring nearly half of the respondents. Women, in particular, are more affected, with 33% strongly agreeing that the crisis has dampened their business aspirations compared to 26% of men.

A significant portion of the surveyed group also indicated hesitance due to potential changes in tax, small business funding, and other regulations that could arise from a new government.

Could accountants be the unsung heroes?

Amid these concerns, accountants play a critical role in guiding nascent entrepreneurs through the complexities of business setup and management.

Accountancy professionals can provide invaluable insights into financial planning, risk assessment, and navigating the often tumultuous waters of tax and regulatory requirements.

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