By Marcus Leach
The Chancellor unveiled a raft of changes in today's (Wednesday) Budget, but the big question is; 'How will they affect business owners?'
We spoke with three small business owners and got their thoughts on how the Budget and business measures announced will impact on them.
James Layfield, 39, runs the rapidly expanding business club Central Working, which provides entrepreneurs and businessmen with a work and meeting space, at three sites, including one at the Google campus in Tech City.
“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 did not get revised, 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, turned a humble photocopying shop which he bought at the age of 23 into hugely successful 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,” said Mr Jacobs.
“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 an award winning public relations agency Tudor Reilly which specialises in the healthcare industry.
“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.”
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