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Budget a lost opportunity for Small Business


Published Mar 17, 2016

Margot_3.jpgMargot Parker MEP the UKIP Small Business spokesman responded to the Budget. While there are some positives in this Budget it is a lost opportunity for hundreds of thousands of our most entrepreneurial sector.

“Overall there is quite a bit of positive news for small businesses in this year’s budget. However, more concerning was the failure to make any mention of measures to address the problems of late payments to SMEs by large companies - this disruption decimates small businesses' cash flows" she pointed out.

“I am also worried raising the insurance premium tax will simply result in higher premiums for small businesses as the affected companies pass on the new levy.

“Lowering corporation tax, raising the tax threshold for the 40p band and increasing the personal allowance will all help small business owners. The continued freeze on fuel duties will also be of help.

“News of the increased threshold for business tax relief is welcome. The UKIP 2015 General Election Manifesto addressed the existing low threshold and I'm happy to see the Chancellor was paying attention to us.

"But the Budget was more an exercise in politics than economics," she said.

“All this being said, the relevance of this budget is questionable – everything the Chancellor has said is based upon the idea we will stay a part of the EU and still be unable to fully control what happens in the UK.

“Instead of talking about the opportunities post-Brexit , George Osbourne instead used his budget statement to further the government’s ‘Project Fear’ agenda.

“Perhaps he would like to explain how being in the EU helps small businesses when only 10 per cent of them export to the EU but 100 per cent have to comply with EU rules? Perhaps he would like to justify how EU membership is a good thing for small businesses when it can cost them as much as 10 times more per employee to comply with EU rules than it does for a large company?

“Free from the EU, we would be much more able to create a comprehensive business-friendly tax system, target schemes and funds to support business and industry and support the UK’s SMEs as well as they deserve to be supported.”

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