NW businesses get behind budget
IT was billed as a ‘make or break’ Autumn Budget for UK chancellor Philip Hammond.
However with pledges to the Northern Powerhouse, investment in future technology and favourable tweaks to business rates it made for a surprisingly pro-business affair.
Mr Hammond hailed his work as ‘a forward looking Budget to embrace change, meet our challenges head on and seize the opportunities for Britain.’
Speaking for just over an hour he said he ‘knows what hard work it is to get a business off the ground and to get it to grow.’
In order to ease that pressure, he announced he was not minded to reduce the VAT threshold for businesses below £85,000.
The Federation of Small Businesses welcomed this move. Robert Downes FSB development manager for Greater Manchester said: “The Autumn Budget was always going to be a tricky balancing act for the Chancellor, but on the face of it seems it may have been fairly positive for business after all.”
Moving on to business rates the Chancellor said he had ‘listened to concerns’ and brought forward plans to switch from RPI to CPI inflation by two years.
He estimated this would be worth more than £2bn to firms.
A rise in the National Living Wage from £7.50 to £7.83 per hour from April 2018 was welcomed by Andy Bagnall.
A director at KPMG commented: “The increase in national minimum wage and national living wage is very welcome news for those on low pay, however businesses can still do more to help those employed earn enough to escape working poverty.” Elsewhere the Chancellor spoke of his readiness to ‘embrace the next industrial revolution’ by putting money aside for emerging technologies.
Stating that he hoped to create high paid, high productivity jobs of tomorrow, he warned: “Those who underestimate Britain do so at their own peril.”
He committed £500m of investment to a range of technological initiatives ranging from artificial intelligence, to 5G and full fibre broadband.
This received firm backing from businesses in the region who believe it will unlock potential and boost productivity.
Lee Dentith, CEO and founder of the Now HealthCare Group said: “This is a good start and will work towards ensuring the UK stays at the forefront of technological innovation.”