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SME champions Ingenious Britain share their hopes for the budget 2013

POSTED: 19th March 2013
IN: Business news
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Mark Moore, Managing Director of Ingenious Britain, shares his thoughts on tomorrow's Budget.

Ingenious Britain is a small business campaign designed to give all small businesses, from burgeoning entrepreneurs to established family businesses, a voice.

"It looks as though The Chancellor will be eschewing tax cuts in the Wednesday Budget.

That's a great shame as a cut in business taxes could provide a huge boost to our flagging economy, especially since every pound in the small business pocket could go towards small business growth in the forms of investment and employment

It seems that Mr Osborne's answer is to point the funding for lending scheme away from mortgages and towards business.

But this week, The Chancellor has another chance to invite small businesses to take the lead on UK economic growth and, while Wednesday's Budget will again paint a bleak picture of growth targets missed and deficit targets exceeded it's the micropolicy that will most interest small business owners.

The challenge the Chancellor faces is to focus on what he can do immediately for small businesses rather than being blown off course by what he can't do.

It's no good Mr Osborne pretending that applying pressure to the Banks will lead them to lend more to small businesses, particularly when there is huge pressure for them to repair their balance sheets.

If not then access to lending the Chancellor could offer a freeze on business rates in April when we are expecting a 2.6% increase or, how about an extension of small business rates relief which ends in 2014-the qualifying period could be extended or the threshold raised."

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