SME owners flee UK in droves

SME owners flee UK in droves

Recent data reveals that nearly 40% of small and medium-sized enterprise (SME) owners in the UK are contemplating leaving the country due to escalating taxes and costs. The survey, conducted by Handelsbanken Wealth & Asset Management, indicates that many owners are attracted to better financial conditions abroad, with Spain, the United States, and France being the top destinations. The tax burden is projected to rise to 38.3% by 2027, further straining SMEs, which are already under pressure from rising employment costs and changes to workers' rights. The potential mass departure of SME owners could significantly impact the UK economy, following a similar trend seen with non-doms.