It’s safe to say that the Chancellor’s budget had its fair share of surprises this week. Science and technology played a somewhat minimal role, while small businesses rejoiced following a reform of corporation tax. We asked some of our readers for their thoughts on this year’s budget. Here’s what they said:
Cormac Watters, Managing Director UK and Ireland SAP comments, “While science and technology unfortunately only played a minor role in this year’s budget, the announcement of investment in driverless cars and lorries is significant for the UK. Technology should be high up on the government’s agenda so that the UK can be at the forefront of innovation to help maintain its credibility in the technology space, and to attract the best talent. Trials for driverless cars are also great for the UK in terms of research and development into the Internet of Things (IoT). More investment and attention on these transformational technologies will help drive innovation, boost the economy, and position the UK technology industry as leading the way.
“More specifically, I believe UK businesses should really focus on driving digital transformation this year. While this was surprisingly not mentioned in the Budget, without the backing of the Chancellor, businesses need to proactively ensure they ready themselves to make advancements in technology. They must keep up with developments in technology and utilise tools such as the cloud to stay ahead of the competition and remain relevant.”
From a SME perspective Phil Foster, MD of Love Energy Savings said, “It is safe to say that this has been one of the more promising Budgets for small businesses. Reform of the corporation tax alludes to a Robin Hood style approach being taken by the Chancellor, and an increase in the business rate relief threshold is bound to be welcomed by the smallest of our nations businesses.
“His desire to ‘light the fires of enterprise’ and continue with his ‘devolution revolution’ sound very exciting in theory, but it will be interesting to see if measures are this dynamic in practice. What about those localities that lack a vibrant business population and what if investment is limited? These are the important questions that the budget failed answer.”
In terms of how the Budget affects the housing market, Justin Morris, CEO of Dezrez, said, “The Chancellor’s further confirmation of higher rates of stamp duty will continue to drive a surge in the number of properties being marketed ahead of its introduction on 1st April. This is confirmed by our conveyancing arm who have reported that there are 140,000 house moves expected this year in Wales alone. However, there are also concerns amongst estate agents that the next month or so will be a busy, and difficult to manage, period of time.
“This is an industry which is heavily led by legislation and what is happening in the economy. As they learn to grapple with these changes, estate agents should look to embrace disruptive technology to help them adapt, show value to customers, be more efficient, compete in an ever crowded market, and marry up the house buying process from start to finish.”
The Budget will affect businesses of all sizes in varying ways but the underlying theme is ensuring that companies embrace these changes and use innovative technologies to stay ahead of the competition. We’re looking forward to seeing how these developments will impact British businesses.