So the budget announcement was today, with the Chancellor unveiling a raft of changes – but the biggest question for many SMEs is how will the budget affect business owners in the UK? What better way to get a bit of an insight than to see what some different small business owners from across the country think about the new additions, and how they think they will impact their business.
James Layfield, 39, is the owner of fast-growing business club Central Working, which brings a work and meeting space to entrepreneurs and businessmen. He says; “It’s really not clear how this Budget delivers on the Chancellors promise of an Aspiration Nation,” he said. “It’s really not a Budget for start ups, small to medium sized enterprises (SMEs) and entrepreneurs — the measures may make a difference to big business.”
“He [Mr Osborne] hasn’t revised the Loan Guarantee Scheme, the tax changes will only really have an impact for large companies, and the National Insurance changes are really ambiguous. We need some real clarity around what this £2k NI initiative will actually deliver and how it will work.”
Elliot Jacobs, 38, owns nationwide online office supplies company, UOE; “I had my own personal wish-list for what I’d like to see — and the Chancellor actually granted many of them — scrapping the next fuel duty rise, cutting corporation tax and taking £2,000 off all employers NI bills — so this Budget is good news for business. He’s got more out of the money available than I thought he’d get and has given a strong signal that the way out of the economic crisis is through entrepreneurial business. Business is the solution and a lot of what has been announced will help business to grow, creating jobs, paying taxes and boosting the economy.”
Julie Walters is the founder of public relations agency Tudor Reilly; “This is a bold budget for business, which is absolutely what hard-working entrepreneurs need in tough times,” she said. “I drew up my wish list last night for what growing businesses need and he’s delivered both: a further cut in corporation tax and cuts in national insurance contributions. Brilliant.”