2020 Budget - the business reaction

11 Mar 2020

Business groups have responded to Chancellor Rishi Sunak's 2020 Budget speech.

The Federation of Small Businesses (FSB) welcomed the measures outlined in the Budget, labelling it a 'pro-small business Budget' which 'delivered on Conservative manifesto promises and emergency steps to support firms through the coronavirus outbreak'.

Mike Cherry, National Chairman of the FSB, added: 'The sensible compromise on Entrepreneurs' Relief is one that we have proposed and championed, and everyday entrepreneurs will be pleased to hear the Chancellor say that he has listened to the FSB on this.

'This has been a deliberately pro-small business first Budget for the Chancellor. We hope it is the start of things to come.'

Meanwhile, the Institute of Directors (IoD) praised the 'box-office Budget'. Jonathan Geldart, Director General of the IoD, commented: 'Given the circumstances, the Chancellor had to be bold, and he came through for business.

'With the coronavirus outbreak threatening a cashflow crunch, measures to cut costs and support loans to businesses are on the money. Wider reliefs around business rates and job taxes will also buoy firms as they look to weather Covid-19's implications.'

Additionally, the Confederation of British Industry (CBI) applauded the measures announced by the Chancellor. Rain Newton-Smith, Chief Economist at the CBI, said: 'Business will be happy with a lot of what they heard . . . from Rishi Sunak, both on the challenges of today and the long-term investment our country needs for the opportunities of tomorrow.'

The British Chambers of Commerce (BCC) commended the measures announced to tackle the coronavirus. Adam Marshall, Director General of the BCC, stated: 'Much to welcome for UK business communities in the 2020 Budget. Pragmatic support on coronavirus, increased investment in infrastructure, sharper incentives for business investment. The BCC will now be looking at the detail and to the Spending Review ahead.'

Register for our newsletter

Once a month we'll send you an email packed full of essential business news and handy tax tips to help save you money.

Register

Weston-super-Mare

34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

01934 415022

Cheddar

Bath Street
Cheddar
Somerset
BS27 3AA

01934 743274


Home | Contact us | Accessibility | Disclaimer & Privacy Policy | Help | Site map |

© 2020 Four Fifty Partnership. All rights reserved.

We use cookies on this website, you can find more information about cookies here.


Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be found at auditregister.org.uk under the reference C001092613.

"four fifty partnership" is a trading name of Four Fifty Partnership Limited. Registered in England. Company Number 5032008. Registered Office 34 Boulevard, Weston super Mare, Somerset BS23 1NF.

Directors: Richard Acreman BSc CTA, Joy Boswell FCCA FCA, Peter Ison BA FCA and Nick Gravell FCCA FCA.

Professional Indemnity Insurers: Nexus Underwriting Limited 52-56 Leadenhall Street, London EC3A 2EB (Policy Number: BC6210PIA194). The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of America or Canada.