Budget 2011 reaction: Promising signs for SMEs
MacIntyre Hudson, the top 20 accountancy firm, has reacted positively to topline analysis of today's budget.
Rakesh Shaunak, the firm's London Chairman said: "The changes to EIS, R&D tax credits for SMEs and the extension of Entrepreneurs' Relief to £10 million all sound like joined up thinking for smaller, entrepreneurial companies.
"The Plan for Growth offers some very useful access to finance measures for SMEs. We need more detail on how the proposed Business Angel Co-Investment Fund and the £2.5 billion Business Growth Fund will operate but it does seem to be a measure to help those SMEs with the best potential for growth.
"Reducing corporation tax combined with removing charges for foreign investment in UK businesses do seem as if they will help Britain to become a more competitive place to do business.
"We're delighted to see that the Time to Pay scheme is continuing and that UKTI will be offering more support to SMEs who want to export. Increasing numbers of our clients are looking to expand their business that way, so this is a very welcome measure."
Media Contacts
Rakesh Shaunak, Nigel May and Patrick King are available for pre- and post-budget comment. Contact Carole Scott or Kate Baker in the MacIntyre Hudson Budget Press Office:
Carole: 07791 253436
Kate: 07949 565585
MacIntyre Hudson landline: 0207 429 4100
