Budget 'a missed opportunity'

News Article - 22 May 2012
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Business groups have criticised chancellor Gordon Brown's Budget speech for upping corporation tax for small firms.

The Federation of Small Businesses (FSB) expressed concerns that the Budget does not recognise the ways in which small businesses contribute to the UK economy.

FSB national chairman Carol Undy said that Chancellor Brown had let down the sector after introducing promising initiatives for the body's members.

The Forum of Private Businesses also said it was dismayed at the Budget's plans for small firms, with Nick Goulding of the body stating that the changes increase firms' "red tape burden".

And Michael Izza of the Institute of Chartered Accountants in England and Wales criticised the Budget for being "piecemeal" and failing to address broader issues and instigate necessary reform.

He added that tax relief measures should be implemented immediately to minimise the burden carried by businesses affected by the corporation tax rise.

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