Trade association the KBSA has welcomed the emphasis on growth and investment announced yesterday in the Chancellor’s Spending Review and Autumn Statement, but said more still needs to be done to support small KBB businesses.
“The Chancellor has announced investment in many areas of the economy, such as housing and infrastructure, which is all good news,” said KBSA chair Tina Riley (pictured).
“The measures proposed and the predictions for growth have created a feeling of optimism about the overall economy. However, for many retailers, the burdens of running a small business have increased and nothing announced in today’s statement will change this.
Riley added: “KBB retailers are still dealing with the impact of the National Living Wage, automatic enrolment into pensions and changes to tax on dividends. Having to cope with any one of these individually is a burden, but all of them together is a triple disaster. The consequences are additional paperwork, red tape, significant hassle and less profit for all.
“The Government needs to recognise the heavy burden they have placed on small business and find other ways to assist.”
The KBSA believes the announcement of greater support for more apprenticeships and the extension of the small business rates relief for another year will help restore faith in the British economy and continue growth.
Riley concluded: “We have experienced growth this year, but if we want to see this continue into 2016 then the Government must provide a framework to maintain confidence in the economy and keep interest rates low.”