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Impacts of the Budget on Business

What do you think the effects of the Budget will be for your business? More than a third (36%) of businesses surveyed by business advisers BDO LLP believe that the measures introduced by the Chancellor’s Budget will help to drive economic growth for the UK’s economy. Another impact of the Budget could be that businesses improve their hiring policy which is another potential benefit.

This is because of the impacts on National Insurance contributions – almost a quarter of business leaders say that their business will consider takin on more staff as a result of the £2,000 Employers’ National Insurance Credit. This could provide up to 240,000 new jobs just from the measures taken on National Insurance within the Budget, making it easier for companies to afford new employees.

The survey also suggests that 43% of businesses believe the Budget will ease pressure on businesses across the UK. What’s more, 39% believe that the Chancellor’s Budget will help the UK to boost investment from abroad, helping to make the UK a more competitive destination for international businesses.

However, it’s not all done and dusted yet. Though a third believed that the Budget would have a direct and positive impact upon their business, 50% disagreed, saying they would not feel adequate benefits from the Budget. This indicates that there is much more work to be done by the Chancellor to ensure that all businesses in the UK feel the benefits. More needs to be done to convince businesses that the government is able to speak to a variety of businesses and get things done.

Stephen Herring of BDO LLP said; “While there is always a great deal of debate as to the overall impact of the Budget on businesses, this year we can identify certain areas where businesses have cause for cautious optimism and the Chancellor should be pleased with the result. However, he needs to go further to accelerate progress and ignite business confidence.”

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