Expert warns small businesses disappointed with budget measures

Budget announcements fail to provide immediate support for struggling small businesses, warns expert

Small businesses are likely to be disappointed with the measures announced in the latest budget, according to an expert's warning. The government's plan for economic growth, labelled as a "back to work" budget, was unveiled by Chancellor Jeremy Hunt on Wednesday.

While the budget included major announcements such as;

• the expansion of free childcare
• keeping the energy price cap
• and pensions and benefits overhauls,

the Federation of Small Businesses' Scotland Policy Chair, Andrew McRae, says that this is not enough.

According to McRae, the budget does not provide practical help for smaller firms that are concerned about their costs and cashflow. He also noted that there was a lack of headline measures to provide immediate support to small businesses. For example, there was no announcement on business energy prices once the current support scheme ends at the end of the month. McRae emphasized that small businesses need more support than what the budget has offered.

Furthermore, the expert noted that there was no information on tackling late payment and improving cashflow, which would help get earned money moving around the economy. While the budget had commitments made to the UK's nuclear sector, including the launch of Great British Nuclear (GBN), experts are concerned that small businesses have been left behind.

The Cumbria Local Enterprise Partnership (LEP) welcomed the firm commitment to nuclear investment and other decarbonization projects like Carbon Capture in the North West, as it would help enhance Cumbria's clean energy generation contribution and create green employment opportunities. However, the LEP acknowledges that small businesses need more immediate support to keep their businesses afloat.

In conclusion, while the budget included some significant announcements, small businesses may not feel satisfied with the measures announced, as they need more financial support to get through this challenging period.