Chancellor’s Budget backs small business

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The Queen’s Speech has set out an important and timely programme of reform, which is needed to get small business confidence back on track.

Responding to Chancellor George Osborne’s Budget 2016 speech, Mike Cherry, Policy Director at the Federation of Small Businesses, said:

In a Budget constrained by both the need to reduce the deficit and the economic outlook, the Chancellor has listened to our calls for the tax system to be made simpler for small businesses and the self-employed and taken important action on business rates.

In particular, FSB members have campaigned hard to make Small Business Rates Relief permanent, and expand it – and the Chancellor has heeded our calls, taking many small firms out of the system altogether.

The combined measures announced on business rates – the single biggest tax cut in today’s Budget – will be viewed by our members as a welcome and important step on the road to fundamental reform. In addition, online retailers will benefit from steps to secure a level playing field for smaller online businesses on VAT.

Freezing fuel duty will be universally welcomed by small businesses right across the country.

Furthermore, the new devolution deals, alongside increased investment in roads, rail, and flood defences, should give a much needed boost to the UK’s infrastructure. Altogether, these measures should help to drive productivity and boost small business confidence levels, which have faltered recently in the face of a number of domestic policy and global economic challenges.

About the FSB

As experts in business, FSB offers members a wide range of vital business services, including advice, financial expertise, support and a powerful voice in Government. Its aim is to help smaller businesses achieve their ambitions. More information is available at www.fsb.org.uk/regions/greater-lincolnshire-peterborough

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