Chancellor announces ‘Wildest Dream’ policy for small businesses

At the eighth time of trying, the Chancellor has finally delivered for small businesses. He announced exactly the policy that small businesses picked as their number one ‘wildest dream’ for this year’s Budget.

MarketInvoice asked small businesses to create the ‘Small Business Wildest Dream Budget’. Over a quarter of small businesses chose “Scrap Corporation Tax for SMEs and make sure big business pays more” as their ‘wildest dream’ policy – which is exactly what the Chancellor announced today.

Over three-quarters of small businesses feel that the Government favours big business over small business. The precise issue the Chancellor has tried to address.

Anil Stocker, Co-founder and CEO of MarketInvoice, said:

“The Chancellor has finally put small businesses at the core of his economic plan. For a long-time small business owners have felt ignored by the Chancellor in favour of the world’s largest multi-nationals. Today he began to redress that imbalance.

“Small businesses want real action that affects their everyday business lives in a clear and positive way. Cutting taxes on small businesses by stopping the sweetheart tax deals for large multi-nationals is the number one thing business owners wanted to see from today’s Budget, and the Chancellor has delivered.

“Helping small businesses grow should be the cornerstone of any sensible economic plan, especially as they make up 99% of all businesses. The only surprise is that it’s taken so long for the Government to take meaningful action here.”

MarketInvoice found that the Chancellor had an approval rating from small businesses of just 9% before the Budget – that is now likely to change.

 

What would be your wildest dream from the Chancellor’s budget to help impact, grow, and develop your business?

Policy announcement Proportion of businesses
Scrap Corporation Tax for SMEs and make sure big business pays more 25.6%
Force the banks to make low interest loans more freely available to businesses 25%
Create a single tax that covers VAT, Corporation and National Insurance 18.2%
Force all Government procurement contracts to be offered first to SMEs 8.3%
Scrap the minimum wage 5.5%
Scrapping the Employer’s National Insurance Allowance 4.7%
Other 12.7%