Small Business Owners Demand More: Is the Chancellor’s Budget Enough?

Insights from Small Business Owners on Budget Implications

1 min read
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Key Takeaways:

  • Small business owners express disappointment with the Chancellor’s budget proposals.
  • Calls for higher VAT threshold and reduction in VAT rates to alleviate financial burdens.
  • Concerns raised over late payments, rising costs, and access to funding for SMEs.

As the UK eagerly awaited the Chancellor’s budget announcements, small business owners across various sectors scrutinized the proposals with hopes for meaningful support and relief. However, many expressed disappointment and frustration with the perceived inadequacy of the measures outlined.

Eloïse McKenna: A Florist’s Perspective

Eloïse McKenna, proprietor of Studio Dandelion florists in Leyton, voices concerns over the budget’s impact on sustainable businesses. Disappointed by the lack of support for small enterprises, Eloïse criticizes the Chancellor’s focus on select industries, leaving thousands of businesses overlooked and unsupported. She highlights challenges such as increased costs and late payments, which continue to burden small businesses like hers.

According to Eloïse, “Small businesses are constantly living in fear – customers are spending less, costs are always increasing and we are being squished in the middle.”

Michelle Liu: Navigating the Food Sector

Michelle Liu, owner of Mama Chen’s in Romford, emphasizes the need for significant reforms to alleviate financial pressures on small businesses. Disappointed by the modest increase in the VAT threshold, Michelle stresses the importance of reducing VAT rates, particularly in the food sector where margins are already thin.

She remarks, “We want to pay our staff above minimum wage but we are being squeezed from both sides and simply need more help.”

Daniele Paduano: Hospitality Sector Challenges

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Daniele Paduano, owner of the Angel & Crown pub and Kotch Pizza, echoes sentiments of disappointment with the budget’s limited scope. While appreciative of certain measures, such as the freeze on beer duty, Daniele believes more substantial changes are needed to support businesses in the hospitality sector. He highlights the importance of reducing VAT rates to stimulate growth and job creation.

Daniele comments, “No business can survive while paying 20% VAT on that. It’s a big shame as reducing the VAT on business would certainly create more jobs.”

Insights from Alan Thomas, Simply Business CEO

Alan Thomas, UK CEO at Simply Business, provides insights into the challenges facing small businesses and the perceived shortcomings of the budget. He emphasizes the persistent issues of late payments, rising costs, and limited access to funding, which continue to hinder SME growth and expansion.

Alan states, “Thousands of small businesses are being held back – not because of a lack of ambition, but because of a set of circumstances which are stretching them to the limit.”

Conclusion: The Call for Meaningful Support

As small business owners voice their concerns and frustrations, it becomes evident that the Chancellor’s budget falls short of addressing their pressing needs. Calls for higher VAT thresholds, reduced VAT rates, and improved access to funding underscore the urgency for meaningful support to alleviate financial burdens and foster growth in the SME sector.

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