Thumbs up for Brexit Budget
PHILIP Hammond was praised for his most small-business friendly Budget so far as he negotiated the balancing act of targeted investment while keeping firepower in reserve for a bumpy Brexit.
Federation of Small Businesses chairman Mike Cherry welcomed the £900million business rates support for small firms and said the Chancellor had recognised “small firms are the UK’s job creators and community leaders”.
Dr Adam Marshall, director general of the British Chambers of Commerce, said the increase in the annual investment allowance to £1million would provide “a huge shot in the arm for businesses, giving firms renewed confidence to invest and grow” with spending on plant and machinery, property and staff training.
He added: “Hammond has sent important and positive signals to businesses across the UK, many of whom have been wavering on investment and hiring.
“Crucially, the Chancellor has avoided major increases to business tax to fund the Government’s spending priorities, which would have undermined the confidence boost to firms from his commitments to supporting enterprise and growth.” CBI director general Carolyn Fairbairn welcomed a “rock solid” Budget which brought “more treats than tricks for business”.
New investment in broadband, research, housing and infrastructure would help tackle “glaring regional inequalities”, she said.
Stephen Phipson, chief executive of EEF, the manufacturers’ organisation, said Hammond had “combined realistic financial prudence with targeted commitments to boost productivity”.
But Stephen Martin, director general of the Institute of Directors, claimed the announcements were “slim pickings given the substantive funding and focus we need to truly lift the UK’s long tail of underperforming firms”.
Meanwhile, British Retail Consortium boss Helen Dickinson said the Government had “missed a much-needed opportunity to help the retail industry”.
She added: “While we welcome measures to assist smaller retailers, the majority of the UK’s 3.1 million retail workers are employed in businesses that will not benefit from today’s business rates announcement.”