By Claire West
Upon listening to the Chancellor’s Autumn Budget Statement, we spoke to business owners, directors & entrepreneurs across the UK, here's what they had to say:
No Miracle Cure
Ian Taylor, CEO of SkillsActive says that:
“It is correct that there is no miracle cure when it comes to economic growth, however it is highly important, more so than ever to ensure that we continue to invest in skills. In order to achieve the private sector led growth which the government so desperately yearns for, we need to have a highly skilled and adequately qualified workforce. The key to economic growth is getting people into jobs. Our workforce is the life blood of our economy and only by maintaining investment in skills and apprenticeship programmes will we be able to ensure long term growth.”
What A Pleasant Suprise
Mark Pearson, Founder and Chairman of the UK’s leading discount site MyVoucherCodes.co.uk, following the announcement said:
“What a pleasant surprise, the Government actually giving a small piece of good news to businesses. Yes, the 1% cut in corporation tax is a nice step towards helping businesses in the UK grow, but is it impressive? Not really. It’s a small step in the right direction, but if they truly want to help businesses here grow, they need to guarantee more consistent access to funding instead of re-hashing old policies.”
Mixed Message To The Multinationals
Vince McLoughlin, Partner at business & tax advisory firm Russell New says that:
“It is pleasing to see that he has recognised the fallacy of reducing the annual investment allowance to £25,000. A significant and welcome increase to £250,000 will help most small and medium sized businesses and will encourage spending at a time when it is much needed.
“There is still a mixed message to the multinationals. We are almost saying “hello, corporation tax rate is coming down to welcome you — we are open for business, oh but we don’t like you to reduce the amount of tax you pay in the UK so there will be measures to ensure you pay more”.
“The changes to the pension limits were not unexpected. To the majority of people the change is immaterial but it doesn’t encourage personal responsibility to provide for old age at a time when auto enrolment is introduced with that very clear message.
“It will be interesting to see the small print in the promise to close loopholes with immediate effect. Does this include some of the “schemes” which the heads of the providing companies are being called to outline on Thursday?”