The Kbsa has welcomed the emphasis on growth and investment in the chancellor’s Spending Review and Autumn Statement but believes that more could still be done to support small businesses in the KBB sector.
“The chancellor has announced investment in many areas of the economy, such as housing, infrastructure and which is all good news, “say Kbsa chair Tina Riley.
“The measures proposed and the predictions for growth have created a feeling of optimisms 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.
“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 three 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 did welcome some measures announced today such as the support for more apprenticeships and the extension of the small business rates relief for another year.
“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,” concludes Tina.