Businesses in Rutland are telling us that 2025 could be their hardest year yet

Businesses in Rutland are concerned that 2025 will see an increase in closures.

Revised figures suggest the UK economy showed no growth between July and September despite initial findings suggesting it had.

I think 2025 will be the toughest year

A Confederation of British Industry survey found that firms are expected to reduce both output and hiring.

The rise to employers national insurance is being blamed as one of the reasons.

Ben Jones, owner of The Olive Branch pub, said:

"It will certainly mean less recruitment of staff and more than likely a reduction of working hours of our current workforce."

"We are seeing the same number of people in pubs, but they're simply not spending as much money."

"We are currently trading at 5-10% down on the previous year when we were hoping to be 5-10% up."

"I think 2025 will be the toughest year we have had in a long, long time and certainly see more business closures."

"Many businesses are hanging on, hoping for a good Christmas, so January will be a telling month for everybody."

January will be a telling month for everybody

The Office for National Statistics originally estimated growth of 0.1 percent but says there was weaker trading across bars and restaurants.

Chief Secretary to the Treasury Darren Jones said:

"This Labour government is going into 2025 with absolute resolve to work with investors, wealth creators and workers across the country to stimulate economic growth and improve living standards for workers across the country."

"This is our number one mission as a Government, and we start from a disappointing set of economic statistics as we end 2024."

"So that's why we're going to fight every day to make sure that we improve the lives of working people across this country."

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