Osborne’s Emergency Budget is good news for British Business

In the first solely Conservative budget in 18 years, George Osborne took the opportunity to announce some significant changes, and his message is clear: Britain is open for business.

Dominic Slattery, managing director of the OneE Group, said: “The Chancellor’s first Budget since the election is generally good news for businesses up and down the country. The overriding message was to promote productivity, and the plans to reduce Corporation Tax rates are encouraging.”

“One of OneE Group’s fundamental missions is to help businesses thrive and prosper and reductions in tax costs are to be welcomed. Owner managed businesses are the driving force behind any growing economy and it’s critical that they get the help they need. Businesses will now retain more of their profits to allow them to invest and expand.”

Dominic continued “Perhaps a less welcome change is the effective increase in the dividend tax rates for shareholders. Dividend tax rates are generally lower than PAYE salaries and the Government has deemed this to be an unfair advantage. However, in my view, this fails to recognise the significant risk taken by entrepreneurs who start up their own businesses and create jobs. We should be encouraging young, talented individuals to take such risks and help grow the economy. The increase in dividend tax rates will discourage people from doing so.”

On a more positive note, the Living Wage will be increased from April 2016. “Here at OneE Group, we firmly believe that a hard day’s work should be rewarded with a fair day’s pay, so that people can do more than simply make ends meet. I am proud to say that OneE Group is a recognised Living Wage Employer. Hopefully, today’s news will encourage other businesses to follow suit.”

“OneE Group has always encouraged the use of apprentices, and the announcement that the government is looking to promote the growth of apprenticeship schemes is fantastic news for young people and businesses alike. Young people are the future of this country and incentivising businesses to use apprentices will help cultivate the skilled workforce of tomorrow.”

As a North West based business, the devolved powers were good news for the OneE Group. Dominic added “As the managing director of a Bolton-based business and a local lad, it’s great to hear that Manchester will be granted more control over how it will develop in the future. The increased powers for strategic planning should help improve local infrastructure and encourage businesses to locate in the North-West. Let’s just hope that the Government continues to support and strengthen these new powers year on year.”

ENDS

Image:

OneE Group Managing director, Dominic Slattery

Press contact:

Dave Beresford

Senior PR Account Manager

Marketecture

0161 786 8051

dave.beresford@marketecture.co.uk

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