Sunak praised by firms for not focusing on tax rises
Rishi Sunak’s latest budget has been praised for not focusing on raising taxes and putting further pressure on struggling businesses.
Instead James Worthington, managing director of Telford-based MyWorkwear, said it was a relief the Chancellor decided to focus on “growth, productivity and innovation” to help the UK to recover following the pandemic.
The Chancellor has unveiled a further £65 billion in support for employees and businesses amid the coronavirus pandemic, as part of a three-part plan to “protect jobs and livelihoods of the British people”.
But he warned “corrective action” would be needed to tackle the UK’s rising debt, with the Government now committed to spending £407 billion on support during the Covid crisis and borrowing at levels last seen in the 1940s.
Mr Worthington said: “It was with relief that we witnessed a Budget focused on growth, productivity and innovation that will enable the UK to recover following the pandemic, rather than increased taxing and pressure on individuals and small businesses who are struggling to survive after what has been such a tough year for us all.
"With SMEs as the backbone of the British economy, it’s positive to see that the Chancellor had this at the centre of his announcements.”
Ludlow-based accountancy firm Thorne Widgery said the measures confirmed in the Chancellor’s speech will play an integral role in helping businesses to recover in the months to come, but warned that a freeze on personal tax allowances and an increase to corporation tax could affect thousands of local business owners.
“The extension of the Coronavirus Job Retention Scheme and the Self-Employed Income Support Scheme until September will play a key role in keeping local people in work by significantly reducing the cost of employment for businesses,” said Daniel Crowther, CEO at Thorne Widgery.
