SMALL businesses in Herts have given a cautious welcome to last week’s Budget.
The Federation of Small Businesses (FSB) says it will help provide stability but believes it does not go far enough to provide a real incentive for job creation.
The FSB is pleased that the government has decided to reduce fuel duty by 1p and deferred further increases.
Moves to create Enterprise Zones were welcomed but the FSB was hoping for a National Insurance Contributions (NICs) holiday for existing businesses.
For small independent retailers the extension to Small Business Rate Relief for properties with a rateable value below £6,000 will ‘help greatly’, the FSB said.
The FSB also welcomes moves to reduce the main rate of Corporation Tax, but is disappointed there was no mention of how the small business rate of 21 per cent would be affected.
FSB Beds Cambs & Herts regional chairman Ian Cording said: “The biggest opportunity missing is the failure to extend the NICs holiday to existing businesses, which would really have provided an incentive for small firms to take on more staff.”