Chancellor fails small firms growth test

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A snap poll of more than 800 members of the Federation of Small Businesses has shown smaller firms think the Budget will have no real impact on the day-to-day running of their business.

Four out of ten firms said the Budget would have no impact, while three out of ten expected a positive impact, citing the reduction in Corporation Tax, the increase in the Approved Mileage Allowance and the freeze on new domestic regulations as having the biggest positive impact.

Sheffield businessman and regional chairman of the Federation of Small Businesses, Gordon Millward, said: “We are pleased that the Government has listened to some of our concerns While we welcome the introduction of Enterprise Zones across parts of the UK, the missing link in the Budget was measures to help all UK businesses to take on staff and grow their business.

“This could have been done easily through extending the National Insurance Contributions holiday to micro-businesses.”