Spring Budget 2017 Reaction: Business-lite budget should be welcomed
March 8, 2017
As predicted, this was a more sober budget than in recent years. Mr Hammond focused more on the figures than the headline grabbing policies.
There were concessions on business rates, meaning those facing the biggest increases following the revaluation can apply for relief funding. This will be welcomed by those businesses facing the biggest increases.
There were delays announced in the introduction of the digital tax regime for businesses under the VAT threshold, which will benefit the smallest businesses.
On the downside for self-employed people, they are going to be paying more National Insurance Contributions, as the chancellor announced plans to bring contributions for the self-employed closer in line with employees.
On sector support, he announced a further £270m to keep the UK at the forefront of disruptive technologies like biotech, robotic systems and driverless vehicles, which will hopefully have some benefit to the advanced industries sector in Lancashire and Cumbria.
I think the business community will be largely underwhelmed by this budget which was light on business content, but at the same time business owners may welcome not having more government changes thrown at them.