TaxPersonal TaxAccountancy Age Big Question: SME’s say this was no Budget for business

Accountancy Age Big Question: SME's say this was no Budget for business

Fewer than one in five finance directors of small and medium-sized companies believe the Budget was good for their business, despite Gordon Brown's claims that last week's measures would make Britain 'the place for companies to start, to invest, to grow and to expand'.

Just 17% of more than 200 FDs who responded to this week’s Accountancy Age/Reed Accountancy Personnel Big Question said the Budget was good for business. Some 58% were indifferent to the Budget measures, while 25% said their businesses would suffer as a result of the chancellor’s intervention.

The high pound was the main concern. ‘There are no visible signs of the government rectifying a higher sterling rate of exchange,’ said Ken Hutchins, FD of Diamond H.

Another FD said: ‘Exchange rates really need looking at to help businesses who export.’

Others were concerned about the lack of regional assistance on offer.

Another said: ‘Increases on fuel are bound to put up overheads.’

But the majority of FDs felt the Budget would have no affect on their businesses.

‘No impact whatsoever,’ said Julian Aldridge, FD for Northampton Chamber.

‘The Budget is a non-event. You have to read the small print on the Wednesday in the FT rather than listen to Mr Brown on Tuesday. It is not what he says, it is what he doesn’t say.’

But charities were among the businesses that were pleased with the government’s package.

Richard Elliot, finance director of the British School for Performing Arts said: ‘Things like irrecoverable VAT will be good.

Education – encouraging, gives priority to something. It remains to be seen whether the money will filter through and how much.’

Gordon Brown vs PricewaterhouseCoopers – Double Tax Wars

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