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Small business sector to get Budget 2011 boost?

It will be interesting to see how the small business sector reacts to the latest government promises to help improve its access to finance. As banks seemingly maintain a rigid position over small business lending and as apathy continues to surround Project Merlin, you could forgive them for not getting too excited.

Speaking recently, leading members of the coalition government promised a Budget 2011 for small businesses. According to the prime minister, the government will take an axe to business taxes in an effort to improve conditions for small and medium-sized companies and promote the enterprise that he sees as vital to the future of the country’s economic growth. He has said that the reduction in corporation tax from 28% to 24% will only be the start.

The government is also set to take aim at the bureaucracy that has been blamed for strangling the growth of so many small businesses. This regulatory reform will include the simplification of company audit rules, a move which Business Secretary Vince Cable has commented could save millions of pounds in fees. The budget is also expected to include 10 new enterprise zones to boost some of the UK’s most deprived areas.

A brow-beaten small business sector should be pleased to hear that such measures are on the cards, but it’s doubtful they will be rushing to herald the dawn of a new economic age. Business owners will hope that the rhetoric ends up in reality and that they are able to gain access to more of the business finance that they have found so hard to come by in recent years. But, given their experience of late, they won’t be banking on it.

To find out more about A&T Business Associates services, contact us on 01903 602211 or info@atbusinessassociates.co.uk.

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