Denise Walker, Head of Corporate, Glenville Walker
‘Today’s Spring Statement delivered exactly what the government promised, nothing. No new policy, no new thinking, and no acknowledgement of the real pressures bearing down on the businesses we work with across the Northwest.
April is coming fast. Higher employer National Insurance contributions are already embedded in the cost base. Add the National Living Wage increase, rising business rates bills, and energy costs that are heading in entirely the wrong direction again — and you have a perfect storm hitting growth-focused businesses at exactly the wrong moment. The Chancellor stood at the despatch box to tell us borrowing is falling. That’s welcome. But it doesn’t pay a wage bill.
The OBR downgraded growth to 1.1% for 2026, and forecast unemployment peaking at 5.3% this year — its highest in nearly five years. Those aren’t abstract numbers. They represent hiring freezes, deferred investment decisions, and business owners lying awake at night wondering whether now is the right time to expand. The government’s answer today, apparently, is that it has the right plan. The markets weren’t convinced — the FTSE fell during the speech.
Meanwhile, the issues that matter most to our clients received not a single word of clarity. Business Asset Disposal Relief moving to 18%, the tightening of business property relief for inheritance tax purposes, Making Tax Digital becoming mandatory from April — these aren’t abstract policy debates. They’re decisions affecting exit planning, succession strategies, and day-to-day cash flow right now. Silence isn’t stability. It’s just uncertainty with better PR.
And then there’s the elephant in the room. The OBR itself acknowledged that the conflict in the Middle East — and the oil price spike it has triggered — could have significant impacts on the UK economy and energy markets. Their own forecasts were drawn up before the situation escalated over the weekend, which means the numbers presented today may already be out of date. Business owners watching oil edge back above $80 a barrel know this isn’t a theoretical risk. It’s a live cost pressure, and it deserved more than a footnote.
Our message to clients today is simple: don’t wait for the Chancellor to catch up. The tax landscape for 2026/2027 is already taking shape, and the external headwinds are strengthening. Regroup now, get your planning in order, and make sure your legal and financial structures are working as hard as you are.’
Glenville Walker is a Liverpool-based business law firm specialising in corporate and commercial law, property and construction, employment, and dispute resolution. The firm works with high-growth owner-managed businesses across the North West. www.glenvillewalker.com
