The Autumn Statement 2015 : is no news good news for small businesses?

The Autumn Statement 2015 : is no news good news for small businesses?

George Osborne’s Autumn Statement offered little for small businesses to get excited about, but feared cuts to schemes like Business Rates Relief and Entrepreneurs Relief did not materialise.

Good news for rural businesses and small builders…

New Enterprise Zones – areas in the UK in which small businesses pay lower taxes – will be created to support business growth in smaller towns across Britain.

Osborne also announced a reduction in planning permission on smaller building sites, which will help small construction businesses to launch and grow more quickly.

...but little else to shout about

The Business Rates Relief scheme has been extended for another year, which will continue to help more than 400,000 of the UK’s smallest businesses. Undeniably, that’s good news – but I don’t think it’s enough.

Small businesses need more. That means more tax breaks and easier access to financial support. And with big increases to the National Minimum Wage looming, there needs to be more focus on how small businesses can afford to recruit and retain staff.

There was also no mention of the Prime Minister’s previous commitment to supply superfast broadband to the whole of the UK by 2020 – an infrastructural change that would make a big difference to British businesses. So we’ll be keeping our eye on that to ensure the promise is fulfilled.

It’s time to do more for the 99%

I focus my business on small businesses. My competitors don’t, and neither do the majority of big businesses or big institutions.

But I don’t do it because of a romanticised view of the world; I do it because small businesses are the key to British economic prosperity. Let’s not forget that more than 99% of private sector businesses in the UK are small businesses.

So let’s start doing more for the 99%.

Jason Cherrington

Group Chief Executive ( NZX) | Future of Work | NZ Investor

8y

Couldn't agree more Christian ...

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