As the nation waits for Jeremy Hunt’s Autumn Statement on 22nd November a new study has unveiled that over two thirds of business owners suffer from heightened anxiety in the build up to the announcement.

The Autumn Budget, in which Hunt was expected to target mental health at work, but that has since changed, is an especially anxious period for younger business owners, with over 70% of those aged 18 to 44 likely to endure heightened levels.

The study, commissioned by Recognise Bank, a specialist in SME financing solutions, also uncovered that 30% fewer business owners over the age of 55 suffer compared to those under 35, while female business owners are also 8% less likely to feel anxious compared to their male counterparts.

Owners of larger businesses (100-249 employees) are also more susceptible, with 73% suffering symptoms affecting their mental health around Autumn statement times, compared to just 58% of business owners with 10-49 employees.

As anxiety around business and budgeting increases during this period, so has lending in recent years, with Recognise lending over £150 million to over 300 businesses to date in 2023 alone as SMEs look to navigate the current climate.

Mark Bampton, Chief Commercial Officer at Recognise Bank, said, “Following government Statements lending fluctuates as businesses try to understand what the new budget means for them. It’s important to tackle mental health in the workplace, with the study showing the extra strain owners are currently under following months of growing inflation and rising interest rates that continue to impact both businesses and individuals.”

Across the country, anxiety is peaking at different levels as we approach the Statement. Owners located in Scotland are most susceptible, with more than 80% suffering anxiety, while those in the West Midlands (77%) and the North East (73%) are especially worried at this time of year.

Many business owners will want to see mental health being addressed in the workplace by the government, and many mental health charities have been left disappointed by the lack of action when it comes to modernising the Mental Health Act. Currently, one in five business owners aren’t aware of any support offered by the government to them, while around a fifth are aware of support but believe it to be inadequate. In contrast, 62% of business owners already believe mental health support to be at least satisfactory.

You can view the full study at: https://www.recognisebank.co.uk/news/mental-health-in-smes-2023-report/