Meet the BOSS: The executive summary of our new survey

All surveys are snapshots, but sometimes the subject is particularly fast-moving. S&W’s Business Owners Sentiment Survey (BOSS), which seeks to capture the live issues for British businesses, comes at a turbulent time.  

The government has high ambitions for UK growth and leadership in technology, green energy and financial services, among other sectors. But it’s British businesses that must deliver if these are to be achieved. Our survey of 500 business owners shows that they currently face a bewildering array of challenges.*

Tax rises, increased costs, tariffs and geopolitical uncertainties, labour shortages and staffing costs are among the many issues our survey finds are worrying British business owners. The range of problems is so broad that no one dominates. But some consistent messages do come through.  

First, many businesses have been hit hard by government measures and are finding it an unreliable partner in the quest to drive growth:  

• Almost half (48%) strongly agree or somewhat agree that the Autumn budget worsened the prospects for their business  
• A similar number (47%) say the government’s policies towards business are deterring them from expanding their business   
• Four in ten (42%) strongly agree or somewhat agree that the government’s policies towards business are deterring them from starting a business   

The change to employers’ national insurance (NI) contributions has hit particularly hard, and it’s not just businesses that have paid the cost. As a result of the NI changes, business owners say they have already or are planning to reduce headcounts (53%), cut hours (59%), and freeze pay (51%). Businesses are also increasingly looking to automation to replace staff, with more than half (59%) having done so or planning to do so. 

Ultimately, the danger is that the whole country will pay the cost.  

The UK is home to a large number of wealthy business owners. London is the leading city in Europe by number of millionaires. But many are now leaving, and far more are considering their future: More than a third of BOSS business owners say they are considering moving themselves (37%) or their business (39%) abroad.**

Others, meanwhile, are seeking to exit their business altogether. More than four in ten (41%) UK business owners say they have fast-tracked their exit strategies over the past 12 months. Cuts to business property relief announced in the October 2024 Budget were the most common cause (28%).  

The practicalities, complexities and challenges mean that most of these business owners will remain in the UK and that many exit strategies will be pushed back. Indeed, our survey finds even more business owners (44%) say they’ve delayed their exit at this uncertain time. But it is clear that the government and UK cannot take its business owners for granted, and that those owners are open to big decisions to protect their wealth, families and firms.  

Conversely, this flexibility and openness to change should also give us optimism for the UK’s future. As we note, British businesses have always faced challenges and have always found a way through. Navigating a path to success given the challenges they currently face will not be easy, however. It will take all business owners’ ingenuity – and some good advice – to find the way.  

* The research was conducted by Censuswide among a sample of 500 business owners aged 18+ in the UK at companies with a turnover of £5m+. The data was collected between 04/04/2025 and 06/05/2025. Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Censuswide is also a member of the British Polling Council.

** Figures combine those who agree and strongly agree with the statements.