As per the survey, around 64 percent small businesses in UK think that the emergency Budget has struck the right balance between tax rises and spending cuts.
According to the British Chambers of Commerce’s latest businesses survey based on 300 small business owners response, majority of businesses surveyed conceive that the emergency budget has struck right balance between spending cuts and tax rises. Many firms are now wanting the government to prioritize transport spending.
- 64 percent businesses thought the balance was correct, in a vote of confidence for the Chancellor’s move towards dealing with the deficit. Around 67 percent also consider that it would have an impact on their profitability.
- They expected by 30 percent that they would have a direct impact as a result of the loss of public sector contracts.
- Around 70 percent of businesses believed that spending cuts would gradually slow economic development in their region.