Complete One applaud as Annual Budget meets North East SME Demands

Complete One applaud as Annual Budget meets North East SME Demands

Newcastle-based event marketing experts, Complete One have reviewed the most noteworthy information from the latest government budget, anticipated to be the final one before Brexit.

As an SME, Complete One viewed the budget with keen interest.

Managing Director at Complete One, Glen Lowes applauded the decision to freeze business rates, in an attempt to help SME’s. The business rates relief for 2019/20 are effectively frozen for all businesses with a rateable value of £51,000 or less. This was important news as business rates were proven to be the number one priority of North East businesses ahead of the budget. 36% of companies in the North East stated that they wanted Chancellor Philip Hammond to freeze or lower business rates as part of his final Budget plan before the contentious Brexit.

Business rates continue to be a talking point for UK businesses as the high street struggles to compete with large online corporations. 2018 has been one of the worst on record as many high street stores have been forced into administration, with many citing business rates. That has a massive knock-on effect on the local economy.

Aside from business rates, another issue high on the agenda for North East businesses was corporation tax. Research conducted by Lloyds Bank Commercial Banking found that North East firms are calling for the UK to have the lowest corporation tax rate of the G7 countries, with 18% calling for the change. In the Budget, the Chancellor confirmed that corporation tax would be cut to 17% from April 2019.

Another area of concern for businesses in the North East was tackling the skills gap. 13% of companies stated they wanted the Chancellor to focus on improving skills to allow them to recruit talented workers. While not addressed in the Budget, this was interesting to event-marketing experts Complete One. As a firm that is committed to up-skilling and helping people to progress their business development, they believe that more needs to be some to provide people with skills for life and in turn, making them more employable.

Complete One is an award-winning event-marketing firm based in Newcastle. In a world of ever advancing technologies, they offer clients something that is often lacking in today’s digital world, the personal touch. Managing Director, Glen Lowes welcomes the news of a freeze to business rates and hopes that the government will commit to assisting UK SME’s to survive and thrive.

 

Sources:

https://www.chroniclelive.co.uk/business/business-news/budget-2018-business-rates-reform-15343024

https://economia.icaew.com/opinion/october-2018/what-the-budget-means-for-small-businesses

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