Spring Budget: Business summary transcript - Stella Amiss

Whilst business was holding its breath this was a relatively quiet budget. 

The Biggest news for business was the fact there was no real news - so no new sweeping measures and no new giveaways. The Chancellor stuck to his guns and didn’t introduce any surprises.

There were no new stealth taxes, no change to the taxation of financial services and a reminder of the corporation tax rate coming down to the competitive low rate of 17%. 

The calls from business for stability and certainty have been heeded but this works both ways. 

There were also no real giveaways -  aside from some welcome measures for smaller business on deferring Making Tax Digital and increased transition for business rates losers. 

There was some positive rhetoric from the Chancellor with a focus on a strong economy, a stable and competitive tax system and signals that Britain is open for business

Some may argue that this was a missed opportunity for the Chancellor to set out his stall for a post Brexit vision around tax policy, or the chance to better articulate how tax policy can support the industrial strategy, but with another Budget to deliver in the Autumn it’s no great surprise that this was a low key budget for business.

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