Steve Jones: The small business view of the Budget

 

Share
Related Topics

What we really wanted to see in this Budget was ‘Real’ help for Small Businesses in the UK.  They are the lifeblood of our economy and there are over 4.8 million SME’s in the UK, and especially with unemployment figures continuing to rise there needs to be more help for business start ups.  Has Mr Osborne delivered?

We see the struggles of hundreds of businesses every day here at  www.aska-professional.co.uk and are acutely aware that 1 in 8 SME’s failed in 2011.  A common call for help that we hear is the lack of support from the Bank. 

Although the announcement of the new National Loan Scheme aims to reduce the cost of borrowing to Small Businesses by around 1% is welcomed, the real issue facing many Businesses that has been ignored, is not the rates they are being charged, but more critically the willingness of the Banks to lend to them at all.  The larger established SME’s may well be able to take advantage of this scheme, however many of the smaller less established businesses will receive no benefit from it.  What is being done to help these?

Rising costs are also a key factor affecting all businesses, rising fuels costs are obviously a real issue to many and the decision to keep the planned 3p rise to fuel duty in August will lead to further hardship to many of our subscribers. With oil prices predicted by many to rise over coming months there is already enough pain on the horizon.

The announced Corporation tax cuts will help those businesses that are established and already profitable, however yet again, it does not help those that are struggling or Start Ups.

The Chancellor announced the intention to offer Enterprise loans to help young adults set up new businesses, this sounds positive, however further details are awaited on this.

The proposed simplification of PAYE & NI procedures for small businesses is a welcome announcement.

Has he delivered to Small Business? Only time will tell, however the initial verdict is ‘Could have done better’.

What businesses in the UK need is real, immediate red tape free help. This may not have been provided by this budget.

Steve Jones is a Director at www.aska-professional.co.uk, a Brighton based company offering professional advice to SME’s from Solicitors, Accountants, HR Specialists and Financial Advisers.

 

React Now

Latest stories from i100
Have you tried new the Independent Digital Edition apps?
iJobs Job Widget
iJobs General

SEN Teaching Assistant

Negotiable: Randstad Education Bristol: Supply special needs assistants Jobs i...

Nursery Nurse

£7 - £8 per hour: Randstad Education Bristol: Nursery nurse jobs in Chippenham...

Science Teacher required for a lovely Ramsgate Secondary School

Competitive Salary: Randstad Education Group: Randstad Education is working in...

SEN Teacher

£120 - £130 per day: Randstad Education Chelmsford: Are you an SEN Teacher loo...

Day In a Page

Read Next
 

Daily catch-up: Scottish polls, canvass returns and arguments. And Top 10 Tweets

John Rentoul
 

Letter from the Personal Finance Editor: Cutting out the middle man could spell disaster for employees and consumers alike

Simon Read
Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments
These Iranian-controlled Shia militias used to specialise in killing American soldiers. Now they are fighting Isis, backed up by US airstrikes

Widespread fear of Isis is producing strange bedfellows

Iranian-controlled Shia militias that used to kill American soldiers are now fighting Isis, helped by US airstrikes
Topshop goes part Athena poster, part last spring Prada

Topshop goes part Athena poster, part last spring Prada

Shoppers don't come to Topshop for the unique
How to make a Lego masterpiece

How to make a Lego masterpiece

Toy breaks out of the nursery and heads for the gallery
Meet the ‘Endies’ – city dwellers who are too poor to have fun

Meet the ‘Endies’ – city dwellers who are too poor to have fun

Urbanites are cursed with an acronym pointing to Employed but No Disposable Income or Savings
Paisley’s decision to make peace with IRA enemies might remind the Arabs of Sadat

Ian Paisley’s decision to make peace with his IRA enemies

His Save Ulster from Sodomy campaign would surely have been supported by many a Sunni imam
'She was a singer, a superstar, an addict, but to me, her mother, she is simply Amy'

'She was a singer, a superstar, an addict, but to me, her mother, she is simply Amy'

Exclusive extract from Janis Winehouse's poignant new memoir
Is this the role to win Cumberbatch an Oscar?

Is this the role to win Cumberbatch an Oscar?

The Imitation Game, film review
England and Roy Hodgson take a joint step towards redemption in Basel

England and Hodgson take a joint step towards redemption

Welbeck double puts England on the road to Euro 2016
Relatives fight over Vivian Maier’s rare photos

Relatives fight over Vivian Maier’s rare photos

Pictures removed from public view as courts decide ownership
‘Fashion has to be fun. It’s a big business, not a cure for cancer’

‘Fashion has to be fun. It’s a big business, not a cure for cancer’

Donatella Versace at New York Fashion Week