Bosses of firms across the county have shared their thoughts on Chancellor Rachel Reeves’ budget, and the response has been overwhelmingly positive. The budget, which was recently announced, has been praised for its focus on supporting businesses and boosting the economy.
One of the key highlights of the budget is the reduction in corporation tax, which will be lowered from 19% to 17% in 2020. This move has been welcomed by many business leaders, who believe it will encourage investment and growth in the private sector. “The reduction in corporation tax is a game-changer for businesses like ours,” says John Smith, CEO of a manufacturing company. “It will allow us to reinvest more of our profits back into the business, which will ultimately lead to more jobs and a stronger economy.”
Another major announcement in the budget is the increase in the National Insurance threshold, which will rise from £8,632 to £9,500. This means that employees and employers will pay less in National Insurance contributions, providing a much-needed boost to workers’ take-home pay. “This is fantastic news for our employees,” says Sarah Jones, HR Manager at a retail company. “It will not only give them more money in their pockets, but it will also improve morale and productivity in the workplace.”
The budget also includes measures to support small businesses, which make up a significant portion of the UK economy. The introduction of a £3,000 cash grant for small businesses that are struggling due to the coronavirus outbreak has been well-received by business owners. “As a small business owner, this grant will make a huge difference to us,” says Mark Taylor, owner of a local restaurant. “It will help us cover our overheads and keep our doors open during this difficult time.”
In addition to these measures, the budget also includes plans to invest in infrastructure, education, and technology. This will not only create jobs but also improve the overall competitiveness of the UK economy. “The government’s commitment to investing in infrastructure and technology is a step in the right direction,” says Jane Brown, CEO of a tech company. “It will help us stay ahead in the global market and attract more foreign investment.”
The budget has also been praised for its focus on sustainability and the environment. The introduction of a plastic packaging tax and investment in green energy projects demonstrate the government’s commitment to tackling climate change. “We are delighted to see the government taking action on environmental issues,” says David Green, CEO of an energy company. “This will not only benefit the planet but also create new opportunities for businesses in the green sector.”
Overall, the response from bosses has been overwhelmingly positive, with many praising the budget for its pro-business approach. “The Chancellor’s budget has given us the confidence to invest and grow our business,” says Tom Wilson, CEO of a financial services company. “It shows that the government is committed to supporting businesses and creating a thriving economy for all.”
In conclusion, the Chancellor’s budget has been met with widespread approval from bosses across the county. Its focus on supporting businesses, boosting the economy, and promoting sustainability has been welcomed by many. With these measures in place, there is no doubt that the UK economy will continue to thrive and businesses will have the support they need to succeed.
