As the Chancellor prepares to deliver this week’s Autumn Budget, SME business leaders across the UK are bracing themselves – not for bold intervention, but for disappointment. According to Vistage’s latest Q3 CEO Confidence Index, a striking 76% of SME leaders have little to no 
confidence that the Budget will support business growth, Rebecca Drew, Managing Director, Vistage UK & Ireland provides some insight.
This pessimism sits against a background of cautious optimism. While 57% of MSEs expect revenues to rise over the next 12 months, only one in ten anticipate any improvement in the broader economy. Leaders are planning for growth, but they are not expecting help from Westminster.
The question now is clear: What do SME leaders actually need from this week’s Autumn Budget – and what will happen if those needs are not met?
- Meaningful Cuts to Business Taxes
The number one request from CEOs in our index is unequivocal. 58% of SME leaders say their confidence would improve most with cuts to business taxes – particularly Employer National Insurance and Corporation Tax.
For many SMEs, tax relief is not about maximising profit; it’s about protecting viability. Leaders are already balancing rising input costs, wage inflation and softening customer demand. Without targeted reductions, they will face increasingly difficult decisions on investment and staff.
- Genuine Investment in Infrastructure
A fifth of leaders point to infrastructure as a critical catalyst for long term growth. This includes digital connectivity, transport networks, skills development and regional development outside of London and other major cities.
SMEs form the backbone of the UK economy, but they need the foundations – physical and digital – in order to operate efficiently and expand.
- Relief from Regulatory Complexity
Interestingly 10% of leaders say that reducing regulatory burden would significantly boost confidence in the economy.
Many CEOs tell us that navigating compliance now consumes more bandwidth than innovation. Simplification, rather than new layers of policy, would deliver tangible resilience.
- Targeted Incentives to Invest and Innovate
9% of leaders want Budget measures to stimulate investment – particularly in technology, automation and people.
The UK risks falling behind major players in the US and Asia, if our SMEs cannot confidently invest in the tools and capabilities that drive productivity. Incentives would not just reduce financial pressure; they would accelerate competitiveness on the global stage.
- Practical Support for Labour Market Challenges
Although just 4% listed labour support as the top priority in the survey, this remains a consistent concern across our works with business mentors.
Talent shortages, rising wages demands and complex hiring conditions slow SME growth far more than they appear on paper. Practical support here would give leaders the confidence to plan for the future more ambitiously.
SMEs are Still Investing – Just Without Certainty
Despite their concerns, 37% of SMEs plan to expand their workforce in the next year. Nearly two-thirds have adopted hybrid work,and leaders are investing heavily in employee engagement, culture and development.
This tells an important story: SMEs want to grow. They just don’t believe the government is creating an environment that enables them to do so.
What Happens if the Budget Falls Short?
If Wednesday delivers more political rhetoric than practical economic interventions, SMEs will continue to operate in survival mode – investing cautiously, hiring cautiously, and pricing cautiously.
Without greater certainty, the economy risks a prolonged period of stagnation, driven not by lack of ambition, but lack of confidence.
Leadership In Uncertain Times
In a climate where government policy feels unpredictable, and economic signals are mixed, the most effective leaders are seeking perspective, challenge and peer support.
At business mentorship organisations, like Vistage, we’re seeing a rising number of CEOs leaning on their peer advisory groups to test decisions, stress-test assumptions and navigate complexity with greater clarity.
Whatever the Chancellor announces, one thing is clear: SMEs will need resilience, informed decision-making and a strong leadership community around them to succeed.
Rebecca Drew, Managing Director, Vistage UK & Ireland
