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With only 50 days to go before this year’s general election, Chancellor George Osborne earlier this week announced his final budget of this Parliament. In his budget speech, the Chancellor recognised the contributions made by micro-businesses in terms of UK wealth and reducing the number of unemployed.
Small and medium-sized enterprises (SMEs) make up around 99 per cent of Britain’s private sector businesses. It was noted by the Chancellor that unemployment in the UK is currently decreasing and is set to fall from 5.7 per cent down to 5.3 per cent at the end of the year. This is lower than 5.4 per cent forecast issued last December by the Office for Budget Responsibility (OBR).
In response to this year’s budget, Martin Malone, Head of Employment Law at Liverpool-based Canter Levin & Berg Solicitors said:
“I am encouraged that SMEs and the self-employed have been recognised for their efforts in supporting the growing economy and creating jobs. The introduction of the so-called ‘Google Tax’ on companies that shift their earnings abroad will help level the playing field and the sensible reform of business rates (if it happens) would be a further helpful step.
Closing tax loopholes used by very few and focusing help on the majority of businesses which just get on with their business and pay their tax is the right priority. I’m also pleased that the Chancellor has committed to keeping Investment Allowance above £25,000 but I would have liked to have seen a definite commitment to a known figure.”
For more information on how this year’s budget might affect your business from an Employment Law perspective, you can contact Martin and the other specialist Employment Solicitors at CLB Employment Solutions on 08000 832 832.