UK business owners fear record tax hikes in Nov. 26 budget could harm small firms and entrepreneurship.

UK business owners are facing record anxiety ahead of the November 26 budget, with accountant Paul Hornby warning proposed tax changes could recreate the high-tax climate of the 1970s. Concerns include a drop in the inheritance tax threshold, higher dividend and capital gains taxes, elimination of tax-free dividend allowances, and a reduced VAT registration threshold, all of which may harm small businesses and discourage entrepreneurship. Potential pension reforms also raise alarms. With Chancellor Rachel Reeves delivering Labour’s first major fiscal statement in over a decade, Hornby urges businesses to prepare for worst-case scenarios amid ongoing uncertainty.