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Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities.

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Accountants Welcome Measures to Boost Business

Weybridge-based accountancy firm Midgley Snelling has welcomed new measures to boost the business sector announced by Chancellor George Osborne.

Mr Osborne presented the measures in his autumn statement yesterday, which followed the release earlier in the day of the Office for Budget Responsibility (OBR) of its latest economic and fiscal outlook report.

The Chancellor said despite “challenging” economic conditions, the UK was moving “from an economy based on debt to an economy where we invest and export”.

He also announced measures to consult with businesses on streamlining the corporate tax regime. A major review will also look at how all areas of government can remove barriers to make life easier for entrepreneurs and from April 2013, there will be a lower 10 per cent corporate tax rate on profits from newly-commercialised patents

Peter Bond of Midgley Snelling said: “As a firm that works closely with SMEs (small and medium-sized enterprises) in Weybridge and the surrounding area, we understand just how challenging they have found conditions during these difficult economic times.

“The measures to support businesses announced by Mr Osborne will be very welcome and it is also pleasing that the OBR believes the private sector is more than capable of replacing jobs lost in the public sector. If that is to be achieved, businesses will be looking for more of the same in terms of support of all kinds – from tax relief to cutting red tape – from the government.”

The OBR, which was established by the coalition government to make independent assessments of the public finances and economy, said that the recovery from recession would be “sluggish” but also revised its forecast upwards for UK economic growth this year, from 1.2 per cent to 1.8 per cent.

It also revised down its prediction for public sector job losses, from 490,000 to 330,000 over the next four years and forecast that inflation would fall from its current 3.2 per cent to 1.9 per cent in 2012.

For more information call 01932 853393 or visit www.midsnell.co.uk

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