Commenting on the Chancellor’s Budget, Ian Larrard, Director of the Swindon and Wiltshire Initiative, part of Business West, said:
“This was a good news budget for firms in Swindon and Wiltshire. With permanent savings in business rates, lower levels of capital gains tax, a freeze on fuel duty and reformed stamp duty system for commercial property, there was much to cheer for smaller businesses.
“The raising of the small business rate relief threshold was particularly good news, given many long held complaints from businesses about the business rates system. Although there has not been any fundamental reform, increasing the threshold permanently from £6,000 to £15,000 will mean an estimated 630,000 small businesses are exempt from business rates across the country.
“However, on a more negative note, we saw the country’s forecasts for economic growth productivity downgraded. The latter is particularly worrying, as it undermines the country’s ability to create the economic value which underpins our future prosperity.”