Britain’s SMEs are fed up with shouldering tax burden |
The Budget presents tough choices for the Chancellor, but SMEs shouldn’t have to continue shouldering the burden, writes John Phillipou
The long-awaited Autumn Budget is just around the corner and there is a feeling of apprehension among SMEs.
As managing director of Paragon Bank’s SME lending division, I see the resilience and ingenuity of these businesses every day. Yet, it’s clear from both our own research and conversations with customers that the cumulative impact of recent fiscal measures is taking its toll on margins – and the balance between empowering big business and supporting smaller players needs to be redressed.
After a challenging first year in power, the Budget is a defining opportunity for the government to show it understands the value, contribution and potential of the UK’s small and mid-size businesses. Having spent years of my career working in markets across Europe, I say with conviction that the UK really does have an SME sector to be proud of. We are a nation of entrepreneurs, an incubator for ideas and, more often than we realise, set an example for the rest of the world.
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