'Business leaders calling for urgent injection of cash' - Vincent Page
- Credit: PA Wire/PA Images
With the budget due to appear on March 1 and the UK’s deficit heading towards 400 billion for the year 20/21, many business leaders are calling for an urgent injection of cash into the economy.
Like all of us the Chancellor is facing challenges not seen in this country for 300 years and whilst hospital admissions are rising, he prepares to deliver the first budget as in independent country outside of the EU for over 40 years.
On the 31st of December 2006 Britain made the final payments settling the debts owed for the second world war and whilst business owners up and down the country are sat like a coiled spring; sleeve rolled up and bare arm presented in preparation for their vaccine, ready to take a leap of faith back into the almost real world, recovery will not happen overnight, so how will the budget affect their business?
The business rates holiday is on the cards to be extended which will provide a welcome shot in the arm for many as we head into spring with the opportunity of one less bill to worry about and the system itself is likely to be completely revised.
Technology has seen an influx of electric cars appearing on our roads which inevitably reduces the revenue earnt by the Government on fuel duty and as this technology progresses allowing longer journeys on fewer charges, the only way is down for this one until inevitably a new tax is introduced on electric car charging points around the country.
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Responsible for a hike in house prices of around 6% during the second half of last year the stamp duty tax break which currently scraps tax on house purchases under half a million is still very much on the table to be considered for extension despite the Chancellor previously stating that he wouldn’t extend it, so if you are looking to move home and fit into this bracket it’s a bit of a ‘should I stay or should I go’ scenario.
The furlough scheme which has been a lifeline for so many is now extended until the end of April which equally must be a hint at the potential term of our incarceration.
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The current lockdown is due to be reviewed on the 15th of February with all the predictions being that it will be extended and in real terms High Street stores and non-essential businesses are unlikely to see the light of day before the of March 1 this year.
With figures bounding about the media in their billions as to the cost of this crisis, if we are realistic, we must accept the fact that paying for it is going to have to come from somewhere and I think we can all be resigned to the fact that taxes will increase somewhere along the line in the next few years.
I think we would all be surprised if the NHS were not included in the budget, primarily with a pay rise for those who have worked under such stressful conditions round the clock saving lives and if an income tax increase helps support a pay rise for the NHS then that’s fine by me.