Chancellor Jeremy Hunt has revealed a range of measures which he says aim to benefit start-ups and small and medium size enterprises (SMEs) in the Spring Budget, including raising the Value Added Tax (VAT) threshold.
Some 31% of business owners anticipate closure by the end of 2024, according to a recent survey by Novuna Business Cash Flow, which surveyed over 500 owners of small and medium sized enterprises.
See also: Spring Budget 2024: British Isa announced
Among the measures, Hunt announced £200m to extend business rate support for SMEs.
He also increased the VAT threshold to £90,000 from £85,000.
In his House of Commons speech, Hunt said the best way to improve economic productivity is through investment.
In the Autumn Statement, Hunt announced permanent full expensing, a £10bn cut for businesses. Today, he announced this would apply to leased assets as soon as the government can afford it to do so.
This article was written for our sister title Portfolio Adviser
