Budget shows progress on economic recovery, says the FSB

The Budget announced by Chancellor George Osborne "shows progress on economic recovery and maintains the momentum for growth aspirations", the Federation of Small Businesses (FSB) commented.

The FSB, the UK's leading business organisation with around 200,000 members, believes that the provisions included in the budget are likely to help maintain the positive momentum in the economy. In fact, such measures as the cheaper energy bills for manufacturers, extensive support for further investment and road improvements are quite likely to help small firms further develop their activity.

Commenting on help for business investment, John Allan, National Chairman, Federation of Small Businesses, said:

"Reducing the corporation tax rate will make the UK a more attractive investment opportunity for overseas investors. And, with around 57 per cent of FSB members wanting to grow in the next 12 months, doubling the Annual Investment Allowance for small firms to the end of 2015 will provide certainty and allow them to realise their investment expectations.

"This is something we called for as part of rebalancing the economy. Recent FSB research showed that only two per cent of members knew about the recent increase to £250,000 — meaning most firms hadn't taken advantage of it. This change should encourage greater investment, and key for Government now is to increase communication about the allowance to encourage take-up."

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