Emergency budget - good news for small businesses

There are some very solid small businesses in Peterborough, sitting alongside sizeable employers like Tesco, BGL and British Sugar.

But, however long they’ve been established or loyal their customer base, many have struggled through the recession. The pre-election uncertainty at the beginning of the year – despite the glimmer of better times to come - forced many businesses to simply baton down the hatches and hope to keep the cash flowing long enough for the market to experience a definite upturn.

We have a number of clients who have held off recruiting or investing in new equipment for instance, waiting for more stability in the market.

So we were relieved and delighted on their behalf to see a tax break thrown out in the emergency budget.

Chancellor George Osborne announced an increase in small business rate relief from October. This will help 500,000 small firms nationally – and a significant number regionally and locally - enjoy a tax reduction.

Of course, lower taxes frees up more money. For some firms that will mean the opportunity to start implementing the kind of medium term recruitment strategies that have been sitting on the shelf for months.

And that’s good news.