‘Britain is Open for Business’: Insights from the Budget
The media has inevitably been focusing on the changes outlined in the Budget recently, where we heard the Government’s intention to ‘Make Britain the best place in Europe to start, finance and grow a small business.’ George Osborne made it very clear that the Government recognises the potential of small businesses to boost the British economy, which can only be a good thing.
Key measures outlined were firmly aimed at progressing this vision, including a reduction in corporation tax and an increase in credit available to small business owners. Some of the most significant steps include:
- The arrival of 21 new ‘enterprise zones’, These are eagerly anticipated by those in relevant areas, with the promise of superfast broadband for these areas proving popular.
- The National Insurance and Income Tax merger, which it is hoped will have a direct impact on cutting red tape.
- Pension plan reforms, which will raise the state retirement age automatically in line with life expectancy, a measure applauded by The National Association of Pension Funds.
Some reactions of entrepreneurs to the measures, who generally welcome the proposed changes, can be found here. It’s clear the Government has good intentions, but we’ll wait to see how achievable its vision for growth really is.