Feeds

Small biz grits teeth over Bloody George's budget

Vintage Thatcher, and not in a good way, says union

The essential guide to IT transformation

Reaction to George Osborne's emergency Budget is mixed this morning, with most business leaders accepting the need for higher VAT and welcoming the cuts in corporation tax, while unions condemn him for a "vintage Thatcher" budget.

The Confederation of British Industry accepted the need for VAT rises, welcomed changes to Capital Gains Tax to increase the entrepreneurs allowance and the £1,000 increase in personal allowances.

Increases in national insurance thresholds for employers and the cut in small business corporation tax were also welcomed. Unsurprisingly the bosses's group also welcomed the two-year freeze on public sector pay and the review of pensions.

The Federation of Small Businesses was mostly in agreement with the CBI. It too accepted the need for the VAT increase despite its likely impact on the High Street. The FSB also welcomed the common sense introduction of it on 4 January rather than New Year's Day.

But the FSB did ask what had happened to the Tories' promised "fuel stabliser" proposals to reduce the impact of big petrol price rises.

Phil Orford of the Forum of Private Business said many SMEs were pleasantly surprised by Osborne's emergency budget. He accepted the VAT rise would hit some firms, but said most accepted the money had to come from somewhere and would prefer the VAT hike to even deeper spending cuts or tax rises elsewhere.

However, super union Unite was less convinced - given 25 per cent cuts for most departments which will translate into big job losses for its members this is no surprise either.

General secretary Derek Simpson said it was a vintage Thatcher budget, and talk of financial armageddon was to scare people into accepting the massive attack on public services.

Simpson asked what had happened to promised fairness and warned: "Increasing VAT is reckless - it will stop people spending, harm UK business and choke off the recovery.

"This budget is vintage Thatcher. The Lib Dems have been conned into hammering the poor, choking off investment and cuts that risk plunging this country into a longer and deeper recession." ®

Next gen security for virtualised datacentres

More from The Register

next story
BBC: We're going to slip CODING into kids' TV
Pureed-carrot-in-ice cream C++ surprise
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Twitter: La la la, we have not heard of any NUDE JLaw, Upton SELFIES
If there are any on our site it is not our fault as we are not a PUBLISHER
Facebook, Google and Instagram 'worse than drugs' says Miley Cyrus
Italian boffins agree with popette's theory that haters are the real wrecking balls
Sit tight, fanbois. Apple's '$400' wearable release slips into early 2015
Sources: time to put in plenty of clock-watching for' iWatch
Facebook to let stalkers unearth buried posts with mobe search
Prepare to HAUNT your pal's back catalogue
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?