Spring Budget deemed bad for businesses according to business owners
In his first and subsequently last Spring Budget, the Chancellor made clear that it was about taking forward the current Government’s plans, in order to prepare Britain for a brighter future. However, 81% of business owners and professionals across the region would disagree.
Moore and Smalley, Chartered Accountants and Business Advisors, conducted an online survey immediately after the Spring Budget was announced to understand how the region felt about the Chancellor’s perhaps vacant Spring Budget.
You may ask; what’s the cause for such negativity?
Hammond has been accused of hitting the self-employed as he raises the Class 4 National Insurance contributions from 9% to 11%. Statistics show this alone will raise £145m a year by 2021-22, at an average cost of 60p per week to those affected.
Or perhaps it’s the reduction in tax-free dividend allowance for shareholders that’s cause for the region’s pessimism.
Whatever it may be, conclusively those who keep the economy turning are all in agreement that this years Spring Budget has not been of great benefit.