The KBSA has welcomed many of the measures that the Chancellor announced in the Emergency Budget.
KBSA CEO Graham Ball said: "At last we have a Government that is showing interest in recognising the needs of small businesses in the UK. Several of the new things announced will help such as the reduction of the Small Companies Tax Rate to 20 per cent and the proposals to exempt new businesses from NICs , although this should have been extended to existing businesses.
"The moves to increase personal allowances by £1,000 are also welcome as it will help to reduce the pressure on businesses from wage demands and give employees more cash in their pockets.
The Government plans to hike VAT to 20 per cent from 17.5 per cent will hurt small businesses and KBB retailers who operate on the high street. However, we are pleased that there is some time to go before the increase takes place and it is interesting to note that common sense has prevailed with the increase coming into play on 4 January 2011 and not on New Year's Day.
"We hope that the next initiative will see the Banks lending again, which will really help the private sector. We are also looking for more evidence that the red tape that has been slowly strangling us in the past decade is finally being unravelled."
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