April 2025 is expected to bring substantial increases in household bills, including council tax and utility costs, impacting millions of families across the UK.

James Worthington, Co-Managing Director of MyWorkwear, highlighted that rising costs and inflation are forcing businesses to reevaluate their pricing strategies and commercial activities.

A report by MyWorkwear, which surveyed 114 business leaders, revealed that 72% are anxious about the impending rise in employers' National Insurance contributions and minimum wage, set to take effect on April 6, 2025.

The Bank of England has significantly downgraded its growth forecast for 2025 from 1.5% to 0.75%, reflecting a weakening economy.

Adding to the economic concerns, the UK economy unexpectedly contracted by 0.1% in January 2025, following a period of stagnation from July to September 2024.

Amid these economic challenges, 44% of businesses have expressed serious concerns about their financial survival over the next five years due to rising costs.

Many British businesses are linking their financial difficulties to recent tax increases implemented by Rachel Reeves and the Chancellor, further heightening their fears.

Over 60% of businesses indicated they would prioritize investing in automation and technology over hiring new employees, with 57% halting recruitment plans and 28% considering layoffs.

A survey conducted by Ocean Finance found that 73% of respondents are worried about meeting essential bills, with many already cutting back on heating and food due to escalating living costs.

In response to these pressures, 68% of businesses surveyed plan to pass increased costs onto their customers, which could further strain consumer spending.

MyWorkwear has reported an additional cost burden of £100,000, underscoring the financial strain faced by many businesses.