Government coffers are at an all-time low and Alistair Darling will deliver his speech to Parliament on the 9th mindful of Britain’s mounting debt burden. Given that, and the backdrop of recession, it is unlikely Darling will have too many pleasant surprises up his sleeve.
Small businesses might argue that we haven’t seen a genuinely helpful Budget (or pre-Budget) package for a long time and some suggest that high profile handouts like the VAT cut have done more harm than good.
Others may well note that because it is the last pre-Budget report before a general election Darling could be tempted to throw caution to the wind and lavish entrepreneurs with all sorts of perks.
Perhaps anticipating a sombre pre-Budget statement the Federation of Small Businesses (FSB) has circulated a wish list of business goodies that it wants to see included.
Writing on the Financial Times website, the group reminded the chancellor of his responsibility to small businesses, which make up 99.9 per cent of all firms and around 50 per cent of employment.
Take a look at the list below and pick your favourite. Is there something missing? What would you include? Will the chancellor smile on small business this year? Use the comment facility below to let us know.
1) A National Insurance rebate for new jobs in small businesses;2) Stopping any increases in the corporation tax;3) No planned increase to employers’ National Insurance contributions in 2011;4) Delay the rise in value added tax from a rate of 15 per cent to 17.5 per cent in February 2010;5) Cut the VAT rate to 5 per cent for all construction work;6) Removing the 2p a litre increase in fuel duty that was imposed in December 2008;7) Reform Jobcentre Plus;8) Set regulatory budgets for all government departments;9) Maintain funding for regions;10) Provide automatic business rates relief.
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