Business experts yesterday criticised the Chancellor for not going far enough in his Statement.
Toby Harper, the CEO of Harper James, a law firm advising more than 2,000 businesses, said the Chancellor hadn’t done enough to support entrepreneurial businesses.
He said: “Rishi Sunak had an opportunity to unleash the shackles and fire the starting gun to a period of recovery driven by Britain’s entrepreneurs.
“Instead, he delivered a modest set of announcements. There were too many short-term measures and quick fixes rather than long term policies which are designed to encourage investment and innovation in this post covid-age.
“Mr Sunak announced just £500m in new spending to fight the most significant blow to the cost of living for at least 30 years; everything else seems to be a tax cut, a loan, or a loan-type measure.
“The UK’s post-pandemic response remains far too small in comparison to other countries. The US has spent £100bn a year more on fiscal stimulus than the UK and has recovered far more quickly as a result. Many entrepreneurial businesses will feel disappointed by the announcement. ”
Jack Roberts, founder of the Property app Slothmove, said: “Many small business owners will be disappointed by the Chancellor’s announcements today. Once again there were only very modest giveaways for those looking to set up and run their own companies.
There were nowhere near enough policies to reduce the rising fuel and supply costs which are now hitting businesses’ bottom lines. We need a Government which is truly committed to small businesses as these will help drive our recovery post Covid.”
Colum Smith, chief vision officer at top 100 law firm Taylor Rose MW, said: “There were too many short term fixes. Once again the Chancellor has tried to put sticking plasters over parts of our economy instead of having a long term plan based on investing in the businesses of the future. There were not enough incentives announced to encourage the entrepreneurial spirit that will drive Britain’s post Covid recovery.”
Property expert Jonathan Rolande, from House Buy Fast, said: “Axing the 5% VAT on insulation and energy saving products is welcome, long called for but could have gone even further with enhanced tax reliefs for landlords to get their tenant’s homes warmer and cheaper to run.The Spring Statement is only ever the poor relation to the budget itself although in these unprecedented times an opportunity to do more was lost. Many businesses are already thriving, he was right to be prudent to avoid adding to the inflation problem but more targeted help to families would have been welcome.
The fuel cut of 5p is less than the enhanced VAT currently being generated so at today’s prices the Government is still winning.
Inflation averaging at 7.4% means much higher rates expected at least for a short time.”
