On the 26th March the Office for Budget Responsibility (OBR) will publish a an Economic and Fiscal Forecast for the year as the Chancellor makes a supporting statement to parliament.
The Liberal Party believes that if the government is to fulfil its of stated aim of creating economic prosperity, funding public service and reducing public debt it needs to recognise the part played by small business in our local communities.
We believe that the imposition of an increase in Employer NI contributions has already created adverse trading conditions for all business, slowed economic activity and curtailed recruitment.
To support the small business sector, we would advocate:
Raising the VAT threshold to £150k to enable businesses to get established before being faced with the disproportion burdens of tax administration.
Business Rates should be replaced with a Land Value Tax and simplified so that the business rates regime aligns with the costs of a small bushiness locally, not as a revenue stream.
Providing small business with advice and training via local business hubs and better financial support.