A few predictions have cropped up ahead of today’s Autumn Budget (29th October).
But what do small businesses really want from the announcement? Here’s what the entrepreneurs have to say.
Claire Preston, CEO of Sound Training, wants to see more of a focus on social mobility.
As a literacy training provider in the education sector, I hope to see a focus on educational spending in the upcoming Budget.
More specifically, there needs to be a bigger focus on social mobility, understanding it and how we can combat it through education.
The government has plans to deliver its social mobility and opportunity areas plans to locations including Blackpool, Bradford and Derby.
However, we need to see similar measures carried out across the UK, so that there are no discrepancies when it comes to different regions. Targeting higher levels of social mobility can be achieved through collaborating and working closely with schools.
If the government spends more money at this level, and more funding is secured for other projects, we can arm disadvantaged children and young adults with the tools they need to thrive in the future.
Richard Green, founder and CEO of Evvnt, says that the Budget is a great opportunity to commit to the tech sector.
The Autumn Budget gives the government a great opportunity to pledge their commitment to the UK’s thriving technology sector, and in particular, the country’s renowned tech start-ups.
Most importantly, I’d like to see the government focus on supporting its home-grown businesses in light of the uncertainty posed by Brexit. The lack of information surrounding our withdrawal from the EU means that businesses are not in a position to plan for the future. Rather than looking to new opportunities, be it abroad or domestically, entrepreneurs have adopted a ‘wait and see’ approach, and this has become evident in the tech sector.
The Budget allows the government to give more information about what Brexit will ultimately mean for these companies, setting out direction for the future of the sector – and committing funding to bolster innovation and expansion.
I’d like to see the Chancellor commit resources to help businesses in their endeavours to reach international markets. From my own experience, there is a clear appetite from international companies to forge partnerships with UK tech companies. These are sentiments that we should be taking advantage of to boost our growing start-up scene.
The government has been particularly vocal in its desire to make the UK are global capital for tech innovation. In the 2017 Autumn Budget, the Chancellor declared that he wanted to double the number of tech start-ups founded in the UK and announced a £10 million fund so that regulators can find new ways to bring new tech to market. This was a strong step in the right direction.
However, such initiatives are undermined when tech business have not been offered more clarity regarding Brexit. They simply can’t take full advantage of these initiatives because they don’t know what the future holds.
Unfortunately, this has meant that tech start-ups have become hesitant about expanding overseas due to uncertainty about how the UK’s withdrawal from the EU will impact their future business prospects. And with Brexit already having a huge impact on investment in tech start-ups, it’s incredibly important to provide direction and support fledgling companies as they develop and grow.
Nevertheless, it was positive to see a clear determination in last year’s Budget to drive the growth of UK tech companies. I hope that this commitment is reflected in reforms that will reach and benefit small and scaling companies.
Philip Shaw (right), co-founder of Savernake Knives, talks about what he would like to see from the Budget.
We hope to see an overall message of stability and consistency from the Autumn Budget. The fiscal framework that is established now will ensure the UK remains competitive in the face of Brexit.
The recent announcement of a funding injection of £125 million into jobs and apprenticeships would have a huge impact across the manufacturing sector. To receive relief for hiring apprentices would certainly be well-received, especially as Savernake Knives expands their operations in 2019.