At Last - A Budget That Recognises The Importance of SMEs

A lot of people are not going to be very happy about the Budget - but I think it has given SME's a lot of reasons to celebrate.

A 1% cut in small companies' tax; a £5 million threshold for entrepreneurs' relief on capital gains tax; measures to extend the Enterprise Finance Guarantee scheme (look for more information under the 'Policies' tab); the abolition of back-dated business rates; the limit to rises in National Insurance Rates, and continued tax breaks for holiday lettings all demonstrate the new Government's appreciation of the needs of SMEs and the issues that most concern them.

And, of course, there are plans to review all workplace legislation - which will come as an enormous relief to people who have had to spend huge amounts of time (which could have been more productively spent elsewhere!) trying to understand and implement it.

The rise in VAT is not, of course, such very good news - but the money to cut the deficit has to come from somewhere, and a rise in VAT is surely a better option than a rise in other taxes, or further cuts in public spending.

Altogether, and considering everything, it's not too bad at all - and the Forum of Private Business will be lobbying the government to ensure that the ‘fuel price stabiliser' that Mr Osborne referred to will become a reality. Let's hold on to that one! Petrol and diesel prices have been far too high for everyone for far too long.