Recently, I was invited onto BBC News to represent small business after
George Osborne’s Autumn Statement.
As a student of economics this was an absolute pleasure to be involved in the country’s macro initiatives.I enjoyed the debate between the chancellor and the shadow chancellor.
1) Job creation : The govt thanks and recognised the contribution of Small Businesses in creating more jobs (60% of the private sector jobs are because of small firms)
2)The Apprenticeships Scheme: George Osborne abolished the National Insurance for those who are 25 year old or under. This helps young people to get jobs wherein they can develop their skills and helps small businesses get access to those who are enthusiastic and willing to learn
3) Exports: Britain needs to focus on its exports and look beyond Europe and North America. The chancellor introduced a 45mil package for 1st time exporter. This is very encouraging and those looking to export must get in touch with UKTI which is on track to support 50,000 businesses this year.
4) Besides this he extended a few schemes beneficial to small business such as :
– R&D tax credit
– Funding for Lending
-Small Business Rate Relief
There are a few concerns we as small business have, which I’ve shared in my Live interview, click the image below to watch the video.
Small businesses contribute 1.2 trillion pounds in annual turnover and therefore they mean big business. They are the lifeblood of the economy.
Overall I believe this current government has done a commendable job of reducing the deficit they inherited to half, to create more jobs (1000 new jobs a day!) and allow small businesses to grow and scale through their various initiatives.