Rangewell: Spring Budget Live continued

Comments on Philip Hammond’s policies announced in the Budget to address concerns over business rate increases

“The policies announced by the Chancellor in today’s Budget will be welcomed by businesses that were concerned about the prospect of a sharp hike in business rates on 1 April,” says Craig Drake, Head of Research for corporate funding specialists Rangewell.

Spring Budget Summary

“We had previously raised concerns that while the planned increase in thresholds for rate relief would help small businesses, those that fell outside of the threshold would be made to shoulder a heavier tax burden. The Chancellor has announced an extra cap meaning that rates will not increase by more than £50 a month. In addition, Philip Hammond announced that a £300m fund will be made available to councils for them to offer discretionary relief.”

“As we approach the uncertainty and potential economic volatility over an exit from the European Union, the cuts to the tax burden being felt by SMEs will be much welcomed. While we want to see new businesses being created in Britain, we think it is important that those businesses then develop and grow. The £435m of further cuts to business rates today will help with that and do a lot to support business confidence in the UK”

For any comment on the Spring Budget or any funding issues affecting local businesses contact the Rangewell media team at media@rangewell.com.

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