In the Autumn Budget of 2024, Chancellor Rachel Reeves introduced a series of reforms that have stirred both concern and cautious optimism among the UK’s small business community. Small businesses are widely understood to be the backbone of the UK economy; at the start of 2023 there were 5.6 million small businesses, SMEs had a combined turnover of £2.4 trillion, and SMEs account for nearly two-thirds (61%) of total employment.