2008 budget - forecast is bad for small business
Following forecasts of a general slow down in the UK’s economy Alastair Darling will not be giving too much away in his first budget on Wednesday. He badly needs to stimulate the economy; more profits create higher tax receipts. Neither the Forum of Private Business or Bank of Scotland are optimistic about the fate of small business and it is not too difficult to see why.
Chancellor Darling's hands seem to be somewhat tied in respect of corporation tax; Gordon Brown spoiled the show in earlier budgets announcing small company tax increases of 1% per annum.