CBI welcomes SME support in Pre-Budget Speech |
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| Economy | |
| Written by Paul Williams | |
| Wednesday, 09 December 2009 | |
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Support for low-carbon economy also welcomed. Measures to support SMEs such as working capital and tax credit schemes will be continued for a further few months. The expected increase in the rate of corporation tax for SMEs will be deferred.Richard Lambert, CBI Director-General welcomed the move made by Alistair Darling: “There are a number of measures which will give small and medium-sized firms breathing space at a critical time. “Delaying the planned rise in smaller companies’ corporation tax is welcome. Extending the Time to Pay scheme will give SMEs longer to spread tax payments, while the extension of the Enterprise Finance Guarantee Scheme will help smaller firms obtain the credit they need to operate. We had also been calling for empty property relief to be extended.” Lambert also welcomed those aspect of the pre-budget report that sought to promote a low carbon economy; an economy that will be dominated by SME players. “This is an encouraging package to support companies as they seek to exploit new low-carbon opportunities. “By committing to support four Carbon Capture and Storage demonstration plants, the Government is increasing the UK’s chances of success in getting this transformative technology off the ground. “The introduction of a boiler scrappage scheme is a sensible way of encouraging households to replace older models with more efficient ones. But with much of the UK’s housing stock to retrofit with new boilers and loft insulation there is still a long way to go to plug the energy efficiency gap,” says Lambert.
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