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Entrepreneurs pessimistic about Budget

Article Date:  Mar 07 2008 Nick Britton

Just seven per cent of businesses with sales of up to £1 million believe Wednesday’s Budget will bring good news for entrepreneurs, according to research from Bank of Scotland. Nearly half (45 per cent) think it will have an adverse effect on growing businesses, with around the same number (42 per cent) expecting it to make no difference.

The study suggests business owners are feeling victimised, with two-thirds (66 per cent) saying the government is specifically targeting smaller businesses as a means of raising tax revenue. Approximately the same number (68 per cent) say the current tax regime is unfair.

Ian Matviak, head of Bank of Scotland’s business banking division, comments: ‘Britain's entrepreneurs clearly have little faith in the Government's ability to deliver a Budget that will support and promote enterprise.

‘Having been on the receiving end of last year's incremental tax increases, it's not surprising to see that small businesses feel particularly hard done by when it comes to the tax regime.’

The survey interviewed 1,000 owners or senior executives of businesses with an annual turnover of up to £1 million.

Click here to read the views of entrepreneurs and investors on proposed changes to capital gains tax expected to be announced on Wednesday.

Comments  [1]

Daniel Antelo
Monday 10th March 2008

great article thanks!

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