In its Autumn Budget submission, the Federation of Small Businesses (FSB) has urged Chancellor Philip Hammond to refrain from introducing business tax increases for UK firms in his Budget speech.
The FSB also called on the Chancellor to maintain investment incentives, such as Entrepreneurs’ Relief (ER), the Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS).
In regard to Brexit, the Federation has called for the government to ensure that ‘no nation or region in the UK loses out after 2019’, and has recommended the introduction of exporting vouchers for small businesses who trade overseas.
The FSB believes that such vouchers would give prospective UK exporters the freedom to invest in the resources they need to start selling overseas.
Commenting on the FSB’s Autumn Budget wishlist, Mike Cherry, National Chairman of the Federation, said: ‘With the Brexit clock ticking, other nations are trying to tempt our businesses to their shores. The Budget marks an opportunity to position the UK as the best place in the world to invest in innovative firms.
‘If the Chancellor is serious about tackling the staggering disparity in productivity between different areas of the UK, he should replace EU funding according to existing allocations. No region or nation should lose out as a result of Brexit.’
The Chancellor will deliver the Autumn Budget on Wednesday 22 November.