The Autumn Statement announced on Wednesday 23 November by chancellor Phillip Hammond contained good news for small UK businesses according to one retail figure, who also believes it is vital that such businesses are ‘match fit for Brexit’.
Epos Now chief executive and Retail Entrepreneur of the Year Jacyn Heavens commented: “A reduction in the corporation tax, a rural business tax break which will help small firms in the countryside and a promise that the first investment in the Northern Powerhouse in early 2017 will support SMEs will all please the UK’s small business community. The cut in corporation tax and support of regional business hubs were top of the wish list (cited by 27% and 21% respectively) when Epos Now asked 1,000 small business customers what they would most like to see in the Autumn Statement.”
He added: “However, the jury is out over whether this will be enough to help small businesses to grow next year. Our poll also showed that 65% felt that economic instability following the Brexit vote was their major concern and the blacker than expected fiscal forecast will do nothing to allay these fears. Small businesses must take Philip Hammond’s comments about being ‘match fit for Brexit’ to heart. Optimising their use of technology to streamline their processes, make operational savings and provide a new agility will be a major first step towards this and ensure they are ready to face the future whatever it holds.”