Following his pre-Budget commentary on the hopes of small and medium-sized enterprises (SMEs) across the North of England, Harry Harrold, Director of South Yorkshire-based locksmiths H Harrold and Sons, now offers his post-Budget analysis. Harrold reflects on the Chancellor's announcements, noting that while some measures offer relief, they fall short of fully addressing the steep rise in running costs and the challenging trading environment faced by SMEs in sectors like the security industry. The company, which is approved by the Master Locksmiths Association, serves a vital role in its local economy and provides a useful perspective on the immediate impact of government fiscal policy.

Harry Harrold, Director of H Harrold and Sons, said:

“Small businesses across Yorkshire, and throughout the UK, are facing a great deal of uncertainty and we had hoped that the Chancellor would provide clarity and reasonable relief.

“There are elements of the Budget that will support us as an SME such as the decision to freeze the fuel levy. This will offer short-term relief for our fleet.

“The reduction of energy bills is good news but energy costs remain significantly higher than pre-2021 levels. We hope these changes will provide greater stability for significant running costs, improve cash flow, and make budgeting more predictable again.

“Rising labour costs and ongoing skills shortages continue to squeeze margins for businesses in the security industry. The Government’s pledge to make training for under-25 apprenticeships free for SMEs is a step in the right direction and provides some confidence in addressing long-term skills gaps, but immediate pressures remain.

“For instance, although previous national insurance increases and other taxes have been frozen, the Chancellor has not reduced these costs, meaning that the additional financial pressure from last year’s budget continues to weigh heavily on businesses like ours.

“Not only do these challenges remain, but the pace and structure of wage increases add a further challenge to SMEs. We’re fully supportive of ensuring people are paid sufficiently, but the gap between minimum wage and skilled roles is narrowing quickly. In a trade that takes years of training and investment, this approach means more of the financial burden falls on small businesses.

“The cost of running a small business keeps rising faster than we can realistically absorb. We want to keep taking people on and supporting local jobs, but it’s not easy for small businesses at the moment.

“This budget wasn’t enough but there were signs of hope. We’re optimistic that further, sustained support will come.

"In the coming weeks and months, SMEs will continue to adjust and adapt as government policies come into effect. Businesses like ours have survived for over 100 years – in some cases despite government policy – by being flexible and resilient, and that will be no different in 2026."