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ICAEW: Leave SMEs alone in upcoming Autumn Statement

The Institute of Chartered Accountants in England and Wales (ICAEW) has urged Chancellor, George Osborne to leave the small business community alone in next week’s Autumn Statement.

The accountancy trade body stated many small firms are still coming to terms with the number of changes unveiled in the post-election Budget in July; most notably the new living wage.

A new survey of 500 ICAEW members found that 20 per cent believe this summer’s Budget was having a negative impact on their businesses, while less than a third (32 per cent) have experienced a positive impact on the policies announced.

The survey also quizzed members specifically about the impact of the new living wage too, with 37 per cent expecting to reduce their level of recruitment as a result.

Stephen Ibbotson, director of business, ICAEW, said: “Many of the businesses impacted agree that the reduction in corporation tax can’t offset the negative implications of measures announced in July.

“By not announcing any more bombshells in the Autumn Statement, the Government has a chance to give businesses the opportunity to plan with confidence for the longer term.

“This will allow them to focus their energies on growing both themselves and the economy.”

The contents of Mr Osborne’s Autumn Statement are expected to touch upon tax credit reforms, an ongoing review of the business rates system and housing policies, on top of the imminent launch of Help to Buy ISAs.

On Wednesday 25th November, the Chancellor will deliver the Conservatives’ Autumn Statement and spending review to the House of Commons.

Stay tuned to our news feed for all the fall-out from Mr Osborne’s speech, with coverage of all the key points that affect the UK’s small business and self-employed community.

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