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Category Archives: Government Policy
If the UK is to compete with other advanced economies it needs a highly skilled workforce. When firms can’t get people with the right skills they find it much harder to develop new products and services, and to enter new markets. At this stage in the recovery, when we need strong, sustained growth from UK companies to drive the country forward, we cannot afford a skills system which is not up to scratch. And yet this is just what we have, according to a new report which the IoD releases today in conjunction with CFE, the specialist education and skills … Read More »
The Bribery Act comes into force today and it is a very significant development for the UK, although I hope it will not have a big affect on our SME community. The government has taken a very strong line in leading the world in this topic. If applied correctly, and in line with the guidance, it should encourage the right behaviour and not inhibit normal customer relationships, or UK competitiveness. However, if the law is over-rigorously applied, then British business will suffer a competitive disadvantage versus our competitors from abroad. I don’t think that the SME community will be overly … Read More »
How much tax do businesses really pay? Action by protest organisation UK Uncut has certainly brought the issue to the public’s attention, but their ideas show just how much confusion and misinformation surrounds the subject. All of the focus tends to be on corporation tax, which the Government intends to cut from 26 to 23 per cent by 2014, but this is only one of the many taxes which affect companies. In an effort to present the true extent of the burden, the IoD last year began an annual review of the area. Today we have produced the second instalment, … Read More »
From our perspective this was a decent Budget for business. We’d set out our ‘wish list’ – see the blog post I wrote yesterday called ‘What budget should Osborne deliver on Wednesday’ – and George Osborne did a lot to meet our expectations on Corporation Tax. We very much welcome his proposal to accelerate the reduction in Corporation Tax to 26 per cent. There is more work to be done on, but this measure begins to kill the growing perception that the UK is a high tax country.
The Government’s coffers are pretty bare certainly, and this seems to be encouraging many people to assume there’s not much he can do in the Budget to kick-start economic activity and strengthen the recovery. With little money he can’t spend much. With little money, his scope for immediate tax cuts is limited. However, the Chancellor still has some good options.
This morning the IoD published it’s ‘freebie’ growth plan. We continue to support the Treasury’s plans to tackle the deficit, but the Government should also be looking at measures it can take to promote growth. We have come up with some practical steps which would boost the economy and cost next to nothing. Some of the main policy suggestions include: