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More firms to go bust in wake of Budget tax hikes Corporate bankruptcy experts warn number of firms going bust will rise 'Wave of distress' among business after NI hike and increase in minimum wage CBI set to warn tax rises in Budget will hit corporate profits By CALUM MUIRHEAD Updated: 21:50, 24 November 2024 e-mail View comments Britain faces a wave of insolvencies as businesses are hit by higher taxes and soaring costs alongside a prolonged period of elevated interest rates in the wake of the Budget. In the latest blow to Rachel Reeves, corporate bankruptcy experts warned the number of firms going bust would rise this winter and through next year. Gordon Thomson, of accountancy firm RSM UK, warned of 'a wave of distress' among business following the Chancellor's national insurance hike and increase in the minimum wage. John Cullen, insolvency partner at accountants Menzies, added: 'It would be unrealistic to think that corporate insolvencies will go anywhere but up during the course of 2025.' The CBI will today warn tax rises in the Budget will hit corporate profits – damaging the UK economy in the process. CBI chief Rain Newton-Smith will say in a speech: 'When you hit profits, you hit competitiveness, you hit investment, you hit growth.' Concern: Insolvency experts are now warning of a wave of corporate failures The Chancellor faces an ongoing backlash over her Budget – and in particular the £25billion increase in national insurance paid by employers. Bank of England Governor Andrew Bailey has also warned interest rate cuts will have to be 'gradual', which will extend the period of elevated borrowing costs for businesses. Insolvency experts are now warning of a wave of corporate failures as a result. Ric Traynor, boss of restructuring group Begbies Traynor, told the Mail many firms will 'throw in the towel' in the New Year rather than keep going only to be hit with a bumper tax rise in April. RELATED ARTICLES Previous 1 Next Bosses demand urgent business rates shake-up Labour 'risks destruction of the High Street': Retailers say... Share this article Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account Insolvencies hit a post-Covid peak of 2,293 in October 2023 but fell 24 per cent to 1,747 last month – crucially before the Budget. But these figures are set to go into reverse as the Budget measures take effect. David Hudson, restructuring advisory partner at FRP, said: 'Changes to national insurance will only increase costs for those under-pressure businesses, which may well be a factor in further companies going under.' Mark Ford, at wealth manager Evelyn Partners, warned many firms will be 'fighting for their survival' due to rising wage bills. DIY INVESTING PLATFORMS AJ Bell AJ Bell Easy investing and ready-made portfolios Learn More Learn More Hargreaves Lansdown Hargreaves Lansdown Free fund dealing and investment ideas Learn More Learn More interactive investor interactive investor Flat-fee investing from £4.99 per month Learn More Learn More Saxo Saxo Get £200 back in trading fees Learn More Learn More Trading 212 Trading 212 Free dealing and no account fee Learn More Learn More Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence. Compare the best investing account for you Share or comment on this article: More firms to go bust in wake of Budget tax hikes e-mail Add comment Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.None

WEST PALM BEACH, Fla. (AP) — Canadian Prime Minister Justin Trudeau said Saturday he had an “excellent conversation” with Donald Trump at his Mar-a-Lago club after the president-elect's threat to impose significant tariffs on two of America’s leading trade partners raised alarms in Ottawa and Mexico City . It was unclear, as Trudeau headed back to Canada from Florida, whether the conversation had alleviated Trump’s concerns. A person familiar with the details of the leaders' hastily arranged meeting Friday night said it was a “positive wide-ranging dinner that lasted three hours.” The official, who was not authorized to discuss the matter publicly and spoke to The Associated Press on condition of anonymity, said topics included trade, border security, fentanyl, defense, Ukraine, NATO, China, the Mideast and pipelines, as well as the the Group of Seven meeting in Canada next year. The Republican president-elect has threatened to impose tariffs on products from Canada and Mexico if the countries don’t stop what he called the flow of drugs and migrants across their borders. He said he would impose a 25% tax on all products entering the U.S. from Canada and Mexico as one of his first executive orders when he takes office in January. As he was leaving his West Palm Beach hotel, Trudeau stopped briefly to answer a reporter’s question about the dinner meeting, saying it was "an excellent conversation." Trump’s transition team did not respond to questions about what the leaders had discussed. Trump, during his first term as president, once called Trudeau “weak” and “dishonest,” but it was the prime minister who was the first G7 leader to visit Trump since the Nov. 5 election. "Tariffs are a crucial issue for Canada and a bold move was in order. Perhaps it was a risk, but a risk worth taking,” Daniel Béland, a political science professor at McGill University in Montreal. Among those at the dinner were Howard Lutnick, Trump's pick for commerce secretary; North Dakota Gov. Doug Burgum, in line to lead the Interior Department; and Mike Waltz, Trump's choice to be his national security adviser. Accompanying Trudeau were Canada's public safety minister, Dominic LeBlanc, whose responsibilities include border security, and Katie Telford, Trudeau's chief of staff. Trudeau had said earlier Friday that he would resolve the tariffs issue by talking to Trump. Mexican President Claudia Sheinbaum said a day earlier after speaking with Trump that she is confident a tariff war with the United States will be averted. Trudeau said Trump got elected because he promised to bring down the cost of groceries but now he's talking about adding 25% to the cost of all kinds of products including potatoes from Prince Edward Island in Atlantic Canada. “It is important to understand that Donald Trump, when he makes statements like that, he plans on carrying them out. There’s no question about it,” Trudeau said before his leaving for Florida. “Our responsibility is to point out that he would not just be harming Canadians, who work so well with the United States, but he would actually be raising prices for Americans citizens as well and hurting American industry and business,” he added. To Nelson Wiseman, professor emeritus at the University of Toronto, Trump "doesn’t need convincing that new tariffs on Canadian products would not be in U.S. interests. He knows that, but cannot say it because it would detract from what he has said publicly. His goal is to project the image that he gets action when he talks.” Those tariffs could essentially blow up the North American trade pact that Trump’s team negotiated during his first term. Trudeau noted they were able to successfully renegotiate the deal, which he calls a “win win” for both countries. Trump made the tariff threat Monday while citing an influx of migrants entering the country illegally, even though the numbers at the Canadian border pale in comparison to those at the U.S.-Mexico border. Trump also spoke about fentanyl from Mexico and Canada, even though seizures from the Canadian border are few in comparison to the Mexican border. Canadian officials say lumping Canada in with Mexico is unfair but say they are ready to make new investments in border security. When Trump imposed higher tariffs during his first term in office, other countries responded with retaliatory tariffs of their own. Canada, for instance, announced billions of new duties in 2018 against the U.S. in a response to new taxes on Canadian steel and aluminum. Canada is the top export destination for 36 U.S. states. Nearly $3.6 billion Canadian (US $2.7 billion) worth of goods and services cross the border each day. ___ Gillies reported from Toronto.Packers wide receiver Romeo Doubs leaves game because of concussionTomley shot 7 for 12 (6 for 7 from 3-point range) and 8 of 8 from the free-throw line for the Wildcats (4-4). Blaise Threatt added 21 points and seven rebounds. Boubacar Coulibaly led the Waves (2-6) with 17 points, 11 rebounds and two blocks. Stefan Todorovic added 13 points and Zion Bethea scored 12. Weber State took the lead with 9:18 remaining in the first half and did not relinquish it. The score was 33-23 at halftime, with Tomley racking up 11 points. T The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .

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