Budget 'forgot' about business backbone, says Shropshire boss
A Shropshire businesswoman said today's Budget "forgot” the backbone of the British economy – small business.
Former business journalist Amy Bould, managing director of Be Bold Media, has spent more than 20 years analysing Budget announcements and what the effect will be on Shropshire businesses.
And she said: “When you consider that more than 90 per cent of businesses in Shropshire employ fewer than ten people, this was not a Spring Budget for entrepreneurs and enterprising small businesses.”
Amy said “levelling up” needed to apply not just to geographic regions, but the variation in business bases across the UK.
“SMEs are the backbone of our local and the national economy," she said. "Tax breaks for big firms investing in R&D – although very welcome for the businesses which can make use of them – don’t help the vast majority of companies.
“Business owners are facing crippling energy rises, devastating wage inflation and recruitment challenges which are threatening to take them under.
“Let’s remember, you need to make a profit to take advantage of tax breaks. Thousands of businesses here are struggling to keep their heads above water, never mind making enough profit to get £27 back on every £100 they invest.”
Amy said when the Be Bold team had spoken to clients, whether they’re in the manufacturing, food and drink, property, construction or professional services sector, there was one common thread.
“They are really pleased that so many of their own staff will benefit from cost of living announcements and the new childcare support, she said.
"But for business owners, it feels like the Government has forgotten that it is the small businesses of the country which move the economic needle.
“If you want to create growth and economic prosperity and wealth, helping small businesses to grow into bigger businesses and create jobs is what’s needed. It’s not rocket science, it’s common sense.
“A new energy discount scheme which looks like it might only be for higher energy users, a tax break for businesses making significant profits and fixing roads to “contribute to productivity gains” is not real help for small businesses.
“It doesn’t matter how many pot-holes you fix, if businesses are falling through real gaps.”
