ANALYSIS
HE may not have had a Red Book with eye-catching policies and giveaways.
But Spreadsheet Phil’s first Spring Statement had important initiatives to address obstacles to a thriving small business community, boosting the UK’s economic prospects.
He had reason to feel “Tigger-like” given the better-than-expected forecast for growth and the budget deficit.
But how was he to give substance to his claim that the Government champions wealth and job creators, with a particular focus on small businesses?
A crackdown on late payments was a good way to show he is on the side of the UK’s near-six million small business owners.
Poor payment practices, particularly in the building industry, have been highlighted by the collapse of Carillion and resolving the crisis could help close Britain’s productivity gap.
As could the extra £80million funding to support small and medium sized enterprises looking to take on apprentices.
Although in its infancy, the apprenticeship levy has already been dogged by criticism that firms are burdened with red tape and has yet to show it can deliver more trained workers.
A third cheer comes for Hammond’s decision to bring forward the next revaluation of business rates by a year to 2021, part of plans to revalue rates every year which should mean future changes are less dramatic.
Aligning business rates bills with property values and the local economy will help ease, if not cure, the problems facing much of the retail community.
The spotlight will shine more brightly on his autumn Budget as businesses look for reassurance on smooth trading conditions ahead of Brexit.
Yesterday’s proposals should not be undervalued, but businesses will look for him to follow through on fine words with action.