Around a third of small firms say they are considering laying off staff as a result of last weeks' Pre Budget Report, as they feel the 1 per cent increase in National Insurance contributions will make it more costly to employ people.
That's according to research by the Federation of Small Businesses which represent 215,000 small companies across the UK, who suggests the PBR was less helpful than first thought.
VAT will also go back to 17.5 per cent in January and fuel and duty will increase by one pence from April 1st 2010.
Previous research by the FSB showed that over half of businesses were looking at developing and innovation in 2010, however the organisation is now concerned that's it's now going to be a struggle to take on more people or grow.
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