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News - 7 March 2014

CBI wants more help for growing firms.

The Confederation of British Industry (CBI) has called on the Chancellor George Osborne to support growing small and medium-sized firms in this year's Budget. They highlight two distinctive areas where help is required: help firms to access finance by boosting alternative sources and encouraging more competition in the banking industry; and help for firms struggling with high energy costs.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The CBI is the UK's leading business organisation, speaking for some 1500 direct members and some 240,000 businesses through its trade association members. They are making this call with just over two weeks to go before the Chancellor delivers his Budget speech on 19 March.”

The CBI's director general John Cridland said: "We need to nurture the UK's vibrant alternative finance market and encourage even more competition in banking so that businesses can get growth capital."

Other measures called for include freezing air passenger duty, and making sure that planned regulation of crowd-funding and peer-to-peer lending is proportionate.

The CBI also repeated its call for the chancellor to freeze the carbon price floor, a tax on using fossil fuels to generate electricity, which it says makes the cost much higher in the UK compared with the rest of the EU.

If you need any help and advice on Management Accounts, Budgets and Cash Flow Forecasts, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your financial planning.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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