ON Wednesday, March 6, Chancellor Jeremy Hunt delivered the government's spring budget announcement, which promises lower taxes, more investment, and better public services.
Some of the main proposals of the 'long term growth' plan include several tax cuts - building on those already agreed upon in the autumn 2023 announcement, billions of funding and investment for the NHS, and freezes to both fuel and alcohol duty until early 2025.
Diogo Rodrigues, manager of the Bridgwater Chamber of Commerce, and Chairman of the Bridgwater Conservatives, believes the announcement was a 'step in the right direction' for small businesses and the economy as a whole.
"For business in particular, the Chancellor’s move to cut national insurance, benefiting 2 million self-employed individuals, offers a much-needed boost to UK sole traders and the economy," he said.
"Anticipated to draw 200,000 new workers into the job market, the reduction in NI promises to address lingering job vacancies, supporting economic growth. Combined with an increased child benefit threshold, businesses should stand better equipped to manage staffing pressures."
"Additionally, small businesses will be somewhat relieved with the increase in the VAT threshold from £85,000 to £90,000, particularly crucial amidst revenue squeezes caused by inflation. These targeted measures signal a step in the right direction for business."
